Ok folks, time to make a move on this account. Looking for some final advice. Here are the details:
Account Name BANK OF AMERICA
Account # 5XXX
Account Type Credit Card - Revolving Terms
Balance $644.00
Date Opened 4/1/2004
Account Status Closed
Mo. Payment
Past Due $62.00
Payment Status Charge-off
High Balance
Limit $1,000.00
Terms Revolving
Comments Credit line closed-consumer request-reported by subscriber
scheduled to delete 2015
I have already disputed with three bureaus. I am getting phone calls and letters from ALW Sourcing, LLC trying to collect. I have not talked or corresponed with them in any way (yet). ALW is not listed on my report at all. Should I:
A. Just keep disputing with bureaus?
B. Begin process by sending DV letter to ALW?
C. 623 to BOA, which i know will not work because I made a few payments on this account a couple of years ago and they prob. have records.
I think (B) because I am willing to pay up to the owed amount right now, I just need to figure out a way to get ALW to agree to clean up the negative info, being that they are not listed on the Credit Reports, what power do they have to correspond with BOA to update negative info? And can paying the debt actually hurt me at this point? Thx in advance for help!!
Hello, Before you do anything you need to get a debt validation letter out in the mail to the company. This is where you ask them to provide you with the proper documentation to show they legally have the right to collect on the debt. Once you get proper validation you could make a debt settlement offer or try asking what amount they would accept in order to get a pay for delete. Remember though you need to get in writing so that you can hold them to their word.
I can send the DV letter to ALW Sourcing (CA), but they are not reporting to the bureaus. So if they do validate and I do negotiate a settlement, technically there is nothing for them to delete. All they can do is tell Bank of America it's paid and then BOA puts a CHARGE OFF PAID listing in my file instead of CHARGE OFF. Not much of an improvement.
Normally once they sell it off they could care less, so they will not listen to the company that they sold the debt too, they really have nothing to gain either, so I doubt they will go through the trouble of deleting it off the report for you.
You can ask and if they do promise something make sure that you get it in writing. Goodluck with this, hope it works out in your favor.
how to remove charge off
Hi Diem,
You can contact the original creditor (OC) and request them to pull back the account from the collection agency. If they comply, you can talk to the OC, and request him to remove the charge-off. First mention that you are willing to pay the due amount. If the OC doesn't comply to your request, you can atleast ask them to report the account as "Paid". With the passage of time, the negative effect that the charge-off has on your account, will gradually lessen.
Hope this helps.
Regards,
Aaron
pull back letter to original creditor
That is a good idea. I think I will send a pull back letter to Bank of America. My sole purpose is to remove CHARGE OFF from the account and get it changed to PAID AS AGREED. I can deal with the neg. info within the listing later. Does anyone have a sample of a pull back letter to paraphrase from?
IMMEDIATELY send a DV letter to AWL. YOu must reach them before they post this on your report
Asking for pull back probably won't work, and I don't think it is best for you.
People hate and fear Collections Agencies, and fictitiously think that it is better not to pay them. But you should decide to pay whoever will give you the best deal and the least negative marks on your credit.
BofA will probably not settle for less or Pay for Delete. If they pull it back (unlikely) they will put your on a payment plan and in the end you will much more than you owe today.
Go ahead and 623 BofA. It might not work but it won't hurt.
How did this work out for you?
I'm in a similar situation and would love to hear how to get a deletion.
do you have all your credit reports?
what state are you in?
what is the original creditor and the name of the CA?
what is the date of first delinquency? 30 days after last payment
charge off
Hi manny,
Please provide more details on this debt so that I and the other members in this community can help you. Though your situation might be quite similar to the original poster, you need to give details of your situation.
Thanks,
Aaron