HSBC Goodwill callback and great explanation.

[MarcinXP]

I have been rebuilding my credit for almost a year and doing great...this forum has thought me I would say almost a great deal of knowledge that will serve me a lifetime! I must have been through a lot of goodwills and most companies gave me the spiel that its illegal, against the law, they cannot do it, etc..etc....however HSBC person called me back and explained to me in detail why they won't and can't do it...in a nutshell the guy told me:

HSBC will not and cannot delete a Charge Off and make any alterations to a tradeline due to the fact that as a lending company and at times risk taking company they have a obligation to report everything correctly to the reporting agencies including payment history, bad debt, charge off, etc... HSBC as well as other banks use the reporting agencies and credit profile to make determination on issuing credit, line increases and other risks and to delete a charge off or a tradeline creates an incomplete and even wrong perception and picture of that potential customer payment history and willingness to pay back. He explained to me that he understands where I'm coming from and unfortunately he wishes he could assist and also understands that sometimes people change quicker than 7.5 years and start over, however he also stated that sometimes the same people who try to rebuild end up back where they were and although he is not saying that I could be one of them HSBC is responsible on esnruing that credit reporting is as accurate as it can be. He went on to tell me that charge offs for revolving credit are one of the worst things a person can have when trying to get new credit cards and banks that delete tradelines are altering valid reporting that skews a profile. If a person has 4 charge offs within last 3-5 years and all 4 are deleted a person can obtain credit they otherwise might not and bank is taking a risk they otherwise would not take. He further went on to say that he has been in the industry over 15 years and in the last 2-3 years the requests for trade line deletions and alterations have sky rocketed so much whether its because of economy or just people being more educated about credit now than back in early 90s that this is on the radar of most lender's QA departments and CRAs.

Overall we spoke for good 10 minutes. He wished me future success and told me that overall if I'm rebuilding unfortunately along with good payment history, responsible credit handling another equation is really time. He thanked me for being an HSBC/Capital One customer and that hopefully their decision not to allow fo his good will won't affect my relationship with them.

I generally liked the feedback that he gave. although its not what I wanted to hear, he did make a lot of sense. If I could erase all of my baddies right now..I would be pure gold and having an awesome score....I will have to wait this one out...shame...it rolls of in 1/2015...3.5 more years to go.

[rckstrscott]

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@MarcinXP wrote:

I have been rebuilding my credit for almost a year and doing great...this forum has thought me I would say almost a great deal of knowledge that will serve me a lifetime! I must have been through a lot of goodwills and most companies gave me the spiel that its illegal, against the law, they cannot do it, etc..etc....however HSBC person called me back and explained to me in detail why they won't and can't do it...in a nutshell the guy told me:

HSBC will not and cannot delete a Charge Off and make any alterations to a tradeline due to the fact that as a lending company and at times risk taking company they have a obligation to report everything correctly to the reporting agencies including payment history, bad debt, charge off, etc... HSBC as well as other banks use the reporting agencies and credit profile to make determination on issuing credit, line increases and other risks and to delete a charge off or a tradeline creates an incomplete and even wrong perception and picture of that potential customer payment history and willingness to pay back. He explained to me that he understands where I'm coming from and unfortunately he wishes he could assist and also understands that sometimes people change quicker than 7.5 years and start over, however he also stated that sometimes the same people who try to rebuild end up back where they were and although he is not saying that I could be one of them HSBC is responsible on esnruing that credit reporting is as accurate as it can be. He went on to tell me that charge offs for revolving credit are one of the worst things a person can have when trying to get new credit cards and banks that delete tradelines are altering valid reporting that skews a profile. If a person has 4 charge offs within last 3-5 years and all 4 are deleted a person can obtain credit they otherwise might not and bank is taking a risk they otherwise would not take. He further went on to say that he has been in the industry over 15 years and in the last 2-3 years the requests for trade line deletions and alterations have sky rocketed so much whether its because of economy or just people being more educated about credit now than back in early 90s that this is on the radar of most lender's QA departments and CRAs.

Overall we spoke for good 10 minutes. He wished me future success and told me that overall if I'm rebuilding unfortunately along with good payment history, responsible credit handling another equation is really time. He thanked me for being an HSBC/Capital One customer and that hopefully their decision not to allow fo his good will won't affect my relationship with them.

I generally liked the feedback that he gave. although its not what I wanted to hear, he did make a lot of sense. If I could erase all of my baddies right now..I would be pure gold and having an awesome score....I will have to wait this one out...shame...it rolls of in 1/2015...3.5 more years to go.

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While, his explanation make sense and is accurate, he failed to mention that many people have had success doing exaclty what you were trying to do, including myself.  I had an HSBC charge off removed within the last 6 months via goodwill bombardment. This is why I rarely accept any explanation from any creditor. I give him credit for at least outlining why he wouldn't be able to do this for you, and he didn't hide behind imaginary laws.

I wouldn't give up personally.

-scott

[MarcinXP]

Yeah at this time I'm just going to mail my GW to the address listed on Credit Report every week until its removed. If I do this weekly I run into less than $2 per month in stamps...well worth it if its removed...got nothing to lose with 3.5 years left on it other few pennies per day!