I was hoping someone could help with this.
I have an auto charge off. I made arrangements to pay on it last Sept 09. I recently was looking into a mortgage and need to get the charge off taken care of. My mortgage officer said to contact the original creditor and see if since I have been making the arrangements if they would change the standing to good. I called the original creditor and after being bounced around they said I had to deal with the CA as that is where the account is. I asked to speak to someone that could handle the credit bureau changes they informed me they don't do anything until they hear from the CA. So I called the CA they told me they don't report anything to the credit bureaus the original creditor does. They will not report back to the original creditor until it is paid in full. It appears that I will be able to pay less than what is owed but I need to get a guarantee from someone that the account will be updated preferably charge off taken off and status showing paid in full.
Question is who do I deal with regarding the credit bureau and what can I do to ensure it is taken off or changed to what I need it changed too?
auto charge off
Hi Credit woahs,
The charge-off can be removed only by the original creditor, as he is the one who charged off the account. You can try to talk to your original creditor once again, and request them to withdraw the account from the collection agency. Mention that you are willing to pay the dues. If the account has not been sold off, the original creditor may agree to pull back the account from the collection agency.
If the creditor pulls back the account, you should send them a "Pay for delete" (PFD) letter along with the payment agreement. With the PFD, the negatives will get removed, and your account status will get updated as "Paid". Send the PFD letter through certified mail, requesting a return receipt. This return receipt will act as your proof which you can use later if the charge-off does not get removed from your credit report.
Thanks,
Aaron
Auto Charge Off
I spoke to the CA today and they want more than what I can give them ends up being 85% of the original debt. They will not honor a Pay for Delete as she states they are not the ones that notify the credit bureau the original creditor does. The original creditor will not even discuss the situation with me at this point.
Guess I will just keep paying them the agreed upon amount unfortunately it keeps me from getting a house.
why haven't you sent a dv letter?
reply
Hi Credit Woahs,
Yes, what they said is true. I even said you that you need to request your original creditor to pull back the account from the collection agency. If they agree to pull back, and only after you make the payments can the charge-off be removed.
Thanks,
Aaron