I had an account with a XYZ company with a remaining balance of $500. Recently I checked on my Experian report that the account has been passed to collections in 2008 six months after it was opened. I had moved to a different place within the same time the account was passed to collections. I have another account with the same company that is active and have made regular payments.
I called them to ask about the account in collections. They said that they had sent statements in my old address. After a few missed payments it was passed to a CA. But is it not true that they could have easily found my new address from the other account I have with them. But they never tried to find out and the collections account has spoilt my credit report. Is there any way I can remove. It is still a long time to go before the SOL period is over.
Thanks in advance for any help.
Hi gibs,
Did you notify the credit card company in writing that you have changed your address? Generally a credit card company will not take the trouble of searching for your address, from a different account. They either sell off the accounts or assign a collection agency, to continue with the collection procedure.
In your case, because you have another active account with them, you can request the card company to pull the account from the collection agency (also because it is not a very old charge-off account). It will be best if you can talk to the company manager, instead of talking to any of the representatives. The manager may agree to pull the account from the CA, if you have good payment records, apart from the one charged-off account. The company would not want to lose a good customer.
You should try to pay off the debt accounts as soon as possible. You must also request your card company to remove the "charge-off" from your credit report. If you pay off the debt amount along with all the additional accrued interests, it is possible that the company will agree to remove the negative listing.
Hope this will help