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How to handle Verizon Charge Off

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New Contributor

How to handle Verizon Charge Off

Hi all! I started rebuilding in Nov. of 2016 as of today I have gotten all of my collections accounts removed. The last negative item on my CR is from Verizon Wireless. It is not listed as a collection account, instead it shows up under the accounts section on all 3 bureaus where all of my credit cards, car loan, and installment loans show up. It is listed as closed, and charged off for a balance of $1928. Verizon still owns this debt, it has not been sold off to a collection agency. I have tried numerous calls to Verizon's recovery department to try and negotiate a PFD but I have been told they don't do that everytime. As of today my scores are 746 EX, 742 EQ, and 776 TU. I want to take care of this debt but I do not want my scores to tank. The charge off is scheduled to be deleted in June of 2022. What will happen if I pay them the full amount? Will it reset the clock on when the account is supposed to be removed? I don't know what to do I want to protect my current scores as this is the highest they have ever been. Just looking for some insight as what will happen to my reports if I pay them off. Also is Verizon likely to sell this off to a collection agency? If they do, what does that mean for my scores and deletion date?

 

Thanks!!

Started gardening on 10/23/18
Message 1 of 6
5 REPLIES 5
Senior Contributor

Re: How to handle Verizon Charge Off

Verizon has its own collections dept. Your real close to them handing it over to collections. If Verizon has reported your account delinquency to the credit agencies but still owns the account, contact Verizon about the following options:

  • A goodwill adjustment. Once you’ve repaid the outstanding balance in full, you can file a request for Verizon to remove the negative entry on your credit report. When you request a goodwill adjustment, you’ll write a letter to Verizon explaining the circumstances that led you to make a late payment and ask that they remove their negative entry out of goodwill. If you’ve already paid the debt and have not had any other problems with late payments, there is a good chance that Verizon will agree.
  • A pay for deletion agreement. If you can’t afford to pay your full outstanding debt at one time, you can still request that Verizon remove the negative entry from your credit report. You’ll need to write a letter to Verizon requesting that they remove the negative entry from your credit report in exchange for payment.
  • They want to keep all the money before they lose money to a collection agency who wont give them the full amount.




My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 6
New Contributor

Re: How to handle Verizon Charge Off


@FireMedic1 wrote:

Verizon has its own collections dept. Your real close to them handing it over to collections. If Verizon has reported your account delinquency to the credit agencies but still owns the account, contact Verizon about the following options:

  • A goodwill adjustment. Once you’ve repaid the outstanding balance in full, you can file a request for Verizon to remove the negative entry on your credit report. When you request a goodwill adjustment, you’ll write a letter to Verizon explaining the circumstances that led you to make a late payment and ask that they remove their negative entry out of goodwill. If you’ve already paid the debt and have not had any other problems with late payments, there is a good chance that Verizon will agree.
  • A pay for deletion agreement. If you can’t afford to pay your full outstanding debt at one time, you can still request that Verizon remove the negative entry from your credit report. You’ll need to write a letter to Verizon requesting that they remove the negative entry from your credit report in exchange for payment.
  • They want to keep all the money before they lose money to a collection agency who wont give them the full amount.

The account has been charged off since 2016. Verizon has kept this account in their own in house recovery department since then. Does Verizon typically sell accounts off to collections after a certain length of time? Like I said I am fine with paying them the full balance that way it reflects as paid in full on my CR. However will me paying the account in full reset the clock on when the account is supposed to be removed? Also if I pay them in full will it hurt my scores?

Started gardening on 10/23/18
Message 3 of 6
Senior Contributor

Re: How to handle Verizon Charge Off

Paid in full with 0 balance is a whole lot better than owed that amount. They are not really a collection agency. I believe they have a dept that just wants their money and they dont fall under a debt collector rules. Its all an internal department. They just dont want to lose money handing it over to a CA.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 4 of 6
Regular Contributor

Re: How to handle Verizon Charge Off


@Optid wrote:

@FireMedic1 wrote:

Verizon has its own collections dept. Your real close to them handing it over to collections. If Verizon has reported your account delinquency to the credit agencies but still owns the account, contact Verizon about the following options:

  • A goodwill adjustment. Once you’ve repaid the outstanding balance in full, you can file a request for Verizon to remove the negative entry on your credit report. When you request a goodwill adjustment, you’ll write a letter to Verizon explaining the circumstances that led you to make a late payment and ask that they remove their negative entry out of goodwill. If you’ve already paid the debt and have not had any other problems with late payments, there is a good chance that Verizon will agree.
  • A pay for deletion agreement. If you can’t afford to pay your full outstanding debt at one time, you can still request that Verizon remove the negative entry from your credit report. You’ll need to write a letter to Verizon requesting that they remove the negative entry from your credit report in exchange for payment.
  • They want to keep all the money before they lose money to a collection agency who wont give them the full amount.

The account has been charged off since 2016. Verizon has kept this account in their own in house recovery department since then. Does Verizon typically sell accounts off to collections after a certain length of time? Like I said I am fine with paying them the full balance that way it reflects as paid in full on my CR. However will me paying the account in full reset the clock on when the account is supposed to be removed? Also if I pay them in full will it hurt my scores?


Is it still updating?

 

Charged off or not, if you offer to pay this in full or even offer them 50% they will take your money. Wait a few months and see if it is still on your CR's. Many times utility company's (some not all) standard practive is to delete after paid. If they don't delete then blast anyone and everyone includeing Executive Leadership asking for a Goodwill ajustment. As alraedy mentioned a closed/charge offed account that has been paid with a $0 balance on your CR looks far better than a closed/charged off account showing a balance. Once you have paid it if it is still updating it will stop and start to age off of your CR's.

03/19/19
Experian: 571 | Equifax: 563 | TransUnion: 563

04/06/19
Experian: 591 | Equifax: 566 | TransUnion: 577
Message 5 of 6
New Member

Re: How to handle Verizon Charge Off

I also have a Verizon charge off on my report I called and tried to negotiate with them they however would not negotiate the amount owed.

Message 6 of 6
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