Recovery rep for Citi says they will not remove charge off status for PIF

[Anonymous]

My account charged off before six months of delinquency (2 weeks). It has been in a "transition" to their internal recovery team for a month and continues in a "review" process to determine payment options, etc. Since they still don't know what is going on with my account and what they want to do, I asked the rep if it was a possibility to arrange to remove the charge off status from my credit report in exchange for a full payment. He said "Citi bank does not remove reporting information." I do not understand what the point is of having a lengthy account review AND internal recovery department if they aren't willing to work deals to avoid selling the account off and I would never consider payment in full if I didn't receive at least the removal, so what gives? Has any one else had this experience? Maybe the representative was incorrect. We will see more when the account finally moves through the review process but I want to see if I can get any intel before I call back on Monday. Thanks.

[gdale6]

Once an account reaches CO status it is that forever moving forward even if paid. If you are looking for removal of the account you would try the PFD but OCs rarely allow such. The law requires a creditor take the CO after a period of time has passed without the account coming back current. Typically 4 months for an installment loan and 6 months for a revolving account. If this account is updating monthly it is keeping your Fico score depressed. The fact that it COed prior to a full 6 months is irrelevant if they want they could do it after 30 days. I would advise you settle this if it has a substantial amount of time to run on your CRs before it is removed for reaching CRTP. Remember they can sue you to recover the full amount for a period of time so it may behoove you to make arrangements before an outside collector becomes involved as that would be another derog entry on your CR.