Charge off question

I would send a request to the OC to find out who they sold it to, then keep an SHARP eye out for any inquiries to your credit or letters from them...

If you need to find a credit report monitoring service, let me know... I can direct you to a couple really good ones...

sOMETIMES When a collector buys your account you can pull up your credit report and see wherer there are inquirues looking into your credit. It usually isn't long before you start getting calls and letters from the collection agency. They go into your credit report looking for numbers to reach you at, what your credit looks like, and several other reasons. Remember when they do first get in to contact with you to make sure you ask for debt validation. You need to know that some collection agencies buy up debt in large amounts, sometimes not getting the proper debt validation to go with it. Therefore if they can not validate you will not have to pay them. Now you can expect the original creditor and the most recent collection agency to appear on your report for a good 7 years from the date of the first missed payment. Also do not be surprised if this debt continues to be sold after the agency tries to collect on it. If they can not get payment they will just keep selling it to the next debt collector down the line..usually for pennies on the dollar.

they will usually put a tickler on your account also, which means that they will lie in wait of activity, as soon as you do something they know and they will contact you shortly after either by mail or phone or both.

I have a few 'charged off' accounts, concerning CC's, on my CR. The CR ALSO states who the CA's are that the accounts were 'sold' to. Even if I get something 'settled' with the OC ( with the 'charge offs'), will the debt STILL stay on my CR for a certain amount of time? I DID ask a similiar question on another thread. However....my post, on the OTHER thread wasn't 'charged off' items.

If the debt is settled with the original creditor, you should first make the creditor agree to pay for deletion agreement so that as soon as you pay off the debt, the OC removes the charge off listing from the credit report. But you should make the agreement prior to payment of the debt and that too in writing. However, if the creditor do not agree to the PFD agreement, the negative listing will stay in your report for seven years and lower your credit score. Charged off listings can only be removed by the original creditor and not by any collection agency and so if the debt is sold off to any CA, the charge off listing cannot be removed.

Hi Swsabean
What I would suggest is that you should wait for the collection agency to contact you. If the collection agency call you up or send you a letter claiming the debt, you should first ask for a debt validation and pay off the debt if the CA can properly validate the debt. This is because charge off does not mean that you are no longer required to pay back the charged off amount. If the SOL on the debt has not yet expired, the CA can file a suit and bring judgment against you to recover the debt and if there is a judgment entry in your credit report, your credit score may fall by over 100 points.

SOOO..even though I have a 'charged-off' debt, on my CR, I can STILL try to make some kind of arrangements, with the OC and get the debt removed? If the OC DOES remove it, does the CA come off, as well?

Sd..let the debt collection place getg a hold of you unless you are ready to pay the debt off in full. Once the original creditor sells a debt to a collection agency usually they will not work with you anymore since there is no benefit in it for them. They will not remove their mark on your credit. The collection agency may if you get a pay for delete in writing but the original creditors mark will still remain there for the full seven years regardless of whether you pay off the debt to the collection agency or not. Now if the poriginal creditor by chance still owns the debt you may be able to work something out with them but if they do not you may as well forget it.

Well.........that's DOES make sense. I guess I can't worry about something I have no control over.

Thats probaly the best decision right there. It is also the wisest if you are not financially able to pay this debt off in full or ready to make debt settlement payments. Usually the best thing to do is if the creditor has not contacted you yet and you would like to pay it off is to set up an account and add so much to it as you can. That way if they do call you would hopefully have the money to pay it off in full and get a paid settlement letter. the other way leaves you with restarting the SOl and maybe not being able to make the payments.

Thanks, FIREYONE. I actually feel a bit better, knowing something as 'simple' as that...make sense? No...right now I'm NOT financially able to pay it back.

Then be sure not to contact them at all. You will ahve to be careful when it comes close to the staturte of limitations. Usually if a company is going to file suit it will be shortly before the clock runs out. Had this happen to a few people I know. It is crazy just how many people recently that is facing these kinds of things. You would be surprised.

SOL???.yep, ya know, before I came on this forum, I knew NOTHING about the SOL and the possibility of starting the debt over. NOW I do. Yea...there is NO need to contact this CA's.

If you ever need help seeing what the SOl or laws are on credit card debt in this state SD just go to the fair debt collection act page or you can type it in the search engine for google or yahoo and its one of the first things that comes up. Anyone with debt should visit the website so they can familarize themselves with their states collection laws.