Credit Card Charge Off Tips
Author: RJ
Posted: Wed Jul 07, 2004 4:31 pm
Post subject: Credit Card Charge Off Tips
2/13/2002 2:20 pm CDT
Hello,
I have a couple of credit/collections questions and was wondering if you have any advice.
I would like to give you a little background.
I had a Chargeoff of 269 from a major credit card listed on 1 of my credit report with the three major credit bureaus. It was almost 10 years old. A collections company sent me a notice out of the blue stating that they purchased the collection item and the 269 plus another 286 in accrued interest was due. I sent a dispute letter to the collections company return receipt. I then received a settlement agreement for $280 from them and then another asking for proof of payment. I disputed it again, return receipt. I then went to the credit bureau where this was listed on my credit report, purchased the report, disputed the item and also stated that it was outdated. 1 week later the credit bureau contacted me and stated they had deleted it.
I just received another piece of the correspondence from the collection agency. This time they offered a one-time settlement of 51.00 and they will send me a receipt that the item was paid in full.
My questions are:
A) Should I just pay this and get the receipt. I always disputed the amount due. This amount could be acceptable to me. This way it's over with. But could this payment potentially hurt my credit report, even though it has now been removed.
B) If I do, will this somehow show up on my credit report again?
C) Now that it is removed from my report, should I just dispute this once more?
D) Can they report this again to the credit bureaus?
Not sure if this is the right place to post this question, I would appreciate any advice you could give.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Eugene
Posted: Wed Jul 07, 2004 4:31 pm
Post subject: Credit Card Charge Off Tips
2/13/2002 11:59 pm CDT
A) Should I just pay this and get the receipt.
NO!
Check the Statute of Limitations in your state. The debt is old, and the collection agency might not even have the legal right to try to collect it. (SOL determines how long they can try to collect from you).
This amount could be acceptable to me. This way it's over with.
It cannot possibly be more "over with" than when the whole negative item is removed from your report, and I understand that is what already happened.
But could this payment potentially hurt my credit report, even though it has now been removed.
It not only could, it will. The collection will have the full right to report "debt settled" for another 7 years or so, and that is very bad.
C) Now that it is removed from my report, should I just dispute this once more?
What is there to dispute if it has been removed?
D) Can they report this again to the credit bureaus?
Well, technically, they can. However, if you find out the debt is past SOL, write them a letter stating that, and asking them to not contact you anymore. Send it certified, with return receipt, and you will most probably never hear from them and never see them on your report again. If you do, dispute it with the CRAs (it's old enough to be removed).
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Kevin
Posted: Wed Jul 07, 2004 4:32 pm
Post subject: Credit Card Charge Off Tips
2/13/2002 1:36 pm CDT
I've heard about charity credit cards for time to time. For the last 30 minutes I've gone looking for them. I've found guides on what types there are, cards that would earn you points( but can't donate them to charities), and charity cards for UK. I can't however find a charity credit card for a person in the United States. Are there charity credit cards anymore in the US? By charity credit cards I mean a credit card that will give a tiny rebate percent of anything spent. I'm doing a small research project.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Jul 07, 2004 4:31 pm
Post subject: Credit Card Charge Off Tips
2/13/2002 2:20 pm CDT
Hello,
I have a couple of credit/collections questions and was wondering if you have any advice.
I would like to give you a little background.
I had a Chargeoff of 269 from a major credit card listed on 1 of my credit report with the three major credit bureaus. It was almost 10 years old. A collections company sent me a notice out of the blue stating that they purchased the collection item and the 269 plus another 286 in accrued interest was due. I sent a dispute letter to the collections company return receipt. I then received a settlement agreement for $280 from them and then another asking for proof of payment. I disputed it again, return receipt. I then went to the credit bureau where this was listed on my credit report, purchased the report, disputed the item and also stated that it was outdated. 1 week later the credit bureau contacted me and stated they had deleted it.
I just received another piece of the correspondence from the collection agency. This time they offered a one-time settlement of 51.00 and they will send me a receipt that the item was paid in full.
My questions are:
A) Should I just pay this and get the receipt. I always disputed the amount due. This amount could be acceptable to me. This way it's over with. But could this payment potentially hurt my credit report, even though it has now been removed.
B) If I do, will this somehow show up on my credit report again?
C) Now that it is removed from my report, should I just dispute this once more?
D) Can they report this again to the credit bureaus?
Not sure if this is the right place to post this question, I would appreciate any advice you could give.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Eugene
Posted: Wed Jul 07, 2004 4:31 pm
Post subject: Credit Card Charge Off Tips
2/13/2002 11:59 pm CDT
A) Should I just pay this and get the receipt.
NO!
Check the Statute of Limitations in your state. The debt is old, and the collection agency might not even have the legal right to try to collect it. (SOL determines how long they can try to collect from you).
This amount could be acceptable to me. This way it's over with.
It cannot possibly be more "over with" than when the whole negative item is removed from your report, and I understand that is what already happened.
But could this payment potentially hurt my credit report, even though it has now been removed.
It not only could, it will. The collection will have the full right to report "debt settled" for another 7 years or so, and that is very bad.
C) Now that it is removed from my report, should I just dispute this once more?
What is there to dispute if it has been removed?
D) Can they report this again to the credit bureaus?
Well, technically, they can. However, if you find out the debt is past SOL, write them a letter stating that, and asking them to not contact you anymore. Send it certified, with return receipt, and you will most probably never hear from them and never see them on your report again. If you do, dispute it with the CRAs (it's old enough to be removed).
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Kevin
Posted: Wed Jul 07, 2004 4:32 pm
Post subject: Credit Card Charge Off Tips
2/13/2002 1:36 pm CDT
I've heard about charity credit cards for time to time. For the last 30 minutes I've gone looking for them. I've found guides on what types there are, cards that would earn you points( but can't donate them to charities), and charity cards for UK. I can't however find a charity credit card for a person in the United States. Are there charity credit cards anymore in the US? By charity credit cards I mean a credit card that will give a tiny rebate percent of anything spent. I'm doing a small research project.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 7:04 PM
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