remove a charge off

Anonymous · ‎12-19-2008

Hello. I'm pretty new to the forums and have been learning a lot but here's a question.

I have a CO CC on my CR. It's being reported twice. Once by the OC and once by the CA who now owns the account. It shows as $0 balance by the OC and as ~$1500 by the CA.

Now, I'm planning on sending a PFD to the CA but I've read that it wouldn't even make much of a difference getting the collection account deleted since the OC would still report a CO account. Is there anything I could do to get the OC to remove the CO account? Is it possible for them to remove my account from collections so I could pay the OC instead?

Thanks for all the help!

Anonymous · ‎12-20-2008

Is this your only collection? If so, having it removed could have a big impact on your score. If not your only collection, the impact could be little to none at all. However, you can take steps to properly remove all your collections, with any luck.

Yes, having the OC still report will be a negative, however the OC is adding to your age.

All you can do for the OC is to send a GW letter, but if the account is old, it could be helping more than hurting.

As for having the OC remove from collections, if they sold it then that isn't going to happen.

As far as the OC is concerned, you no longer owe them, they sold your debt and collected what they could on it.

Once sold, no choice but to deal with the CA.

Is the debt beyond SOL? Can you PIF? Have you DV'd?

atlastontheroad · ‎12-20-2008

Additionally, your position could be slightly different if you live in New York State where paid collections and charge offs have a five year reporting time. ( http://ficoforums.myfico.com/fico/board/message?board.id=rebuildingcredit&message.id=40439&query.id=... )

I figured it was worth mentioning since some 6.6% of the population are New Yorkers.

atlast.....

Ficos 2/17/08: TU 551 EQ 534 EX 587
Ficos 2/12/09 TU 695 EQ 715 EX 715
Fico...4/15/10....drumroll.....EQ 743

Anonymous · ‎12-20-2008

I have one more collection account on my CR other than this one. Both are within SOL and I can PIF. I have not yet DV'ed though. I figured i'd try a PFD first and if they refuse, go through the whole DV process.

Btw, I don't live in NY, I live in CA.

Anonymous · ‎12-20-2008

I was checking my credit report more closely and I found another problem.

The original letter (dated 12/05/08) I got was from Giove Law Office PC representing Cooper Financial LLC about the account they purchased from the OC for my CO CC. They state that a balance of $1650.98 is due. However, on my credit report, the CA reporting the the CO CC is called Platinum Capital Investment stating a balance of $1483. The OC states a balance of $0 and a high balance of $1483. (The letter and all reportings state the same account number, however)

There is no reporting of the CO CC from any CA called Giove Law Office PC or Cooper Financial LLC. Giove Law Office PC is located in NY while Platinum Capital Investment is located in TX so I don't think they're the same company.

I also checked BBB.org for both companies and both have unsatisfactory histories with the BBB. (maybe that's common for CA's?)

What's the best way to handle this situation? Is it likely that Platinum Capital Investment (who I've never gotten any contact from) sold the account to Giove Law Office PC? Also, why does the letter i got from Giove Law Office state a balance of $1650.98 while the report from the OC and Platinum Capital Investment state a balance of $1483? I want to rid my CR of reportings from CA's but since Giove Law Office PC isn't even reporting, doing a PFD with them seems useless. Maybe since the letter from Giove Law Office PC was dated from just 2 weeks ago, my CR doesn't reflect the change in ownership of the account, yet?

Again, thanks for all the help everyone. I really appreciate it.

Anonymous · ‎12-21-2008

jkang5 wrote:
I was checking my credit report more closely and I found another problem.

The original letter (dated 12/05/08) I got was from Giove Law Office PC representing Cooper Financial LLC about the account they purchased from the OC for my CO CC. They state that a balance of $1650.98 is due. However, on my credit report, the CA reporting the the CO CC is called Platinum Capital Investment stating a balance of $1483. The OC states a balance of $0 and a high balance of $1483. (The letter and all reportings state the same account number, however)

There is no reporting of the CO CC from any CA called Giove Law Office PC or Cooper Financial LLC. Giove Law Office PC is located in NY while Platinum Capital Investment is located in TX so I don't think they're the same company.

I also checked BBB.org for both companies and both have unsatisfactory histories with the BBB. (maybe that's common for CA's?)

What's the best way to handle this situation? Is it likely that Platinum Capital Investment (who I've never gotten any contact from) sold the account to Giove Law Office PC? Also, why does the letter i got from Giove Law Office state a balance of $1650.98 while the report from the OC and Platinum Capital Investment state a balance of $1483? I want to rid my CR of reportings from CA's but since Giove Law Office PC isn't even reporting, doing a PFD with them seems useless. Maybe since the letter from Giove Law Office PC was dated from just 2 weeks ago, my CR doesn't reflect the change in ownership of the account, yet?

Again, thanks for all the help everyone. I really appreciate it.

Even those this is not beyond SOL, since you state that you can PIF, I would advise DV'ing the CA reporting, and DV'ing the CA you got the letter from.

It is possible that the CA reporting has sold the account.....does it show the last time they updated your CR?

The OC is showing a $0 balance, which means they have sold the account.

If the new CA properly validates, then I would negotiate a pay for not reporting. And since you are going to DV them before they have reported, they can not report until they validate.

Now, if you choose not to DV the CA you received the letter from, I would still negotiate a pay for not reporting. However, without DV'ing or asking, you aren't going to find out why the difference in balances due.

I would keep my DV short and sweet, see the link in my signature titled "DV".