My husband and I are in the process of cleaning up our credit reports. We reside in the state of NC.
On his CR, he has 2 CA remarks and the rest are CO with the OC with SOL that are expired or soon to be expired. He has one item that will fall off this year.
With the CA, they are collecting for 2 of the OC that are CO accounts.
Arrow is handling one CO account.
Asset is handling the other CO account.
************************************************** *******
On my CR, I have 2 CO with the OC, 1 CA account that is not related to either CO and the rest are joint debts that show up on his as well. One of my debt was started in TX back in 2005 so I would take it that I fall under NC SOL.
I am doing all my research before I start sending out any letters to make sure I am in the right course to getting these items removed completely or have the status changed to paid as agree.
I want to add that the rest of that are with a CA, are marked sold to another lender or CA.
How would I handle the CO accounts? Is there a specific sample letter to handling CO accounts with OC that has already been sent to CA? Do I wait till the SOL expires to send out DV letters to the OC? Do I send out DV letters to the CA even though OC is listed on CR too? I was thinking to run out the SOL since we are coming upon that time, then write DVs to everyone.
Thanks in advance.
charge off debts
Hi tysonsnc,
Welcome to this community :)
Charge-off accounts can hurt your credit. Thus, you need to pay off all these debts in order to remove the charge-offs. However, this can be done only if the original creditor agrees to pull back the account from the collection agencies (CA). As the accounts has been charged off by the original creditor (OC), it is only he who can remove the charge-off.
Thus, once you get a payment written payment agreement with the creditors, also request them to agree to a "Pay for delete" (PFD) agreement. If the creditor agrees to the PFD agreement, the charge-off from the account will get removed, and the account status will get updated as "Paid".
You won't need any sample letters for the charge-offs. Write that you are willing to pay the dues, and would like to make the payments to him (OC). If you can make full payments, the OC may agree to pull back the account. However, if the account has been sold of to CA, then the OC may not be bale to pull that back.
As for the debt validation, if you are sure that you owe the debt, and if you are sure about the debt amount, then you need not send a validation letter (DVL). However, if you are not sure you may send in DVL. You need not wait to send the DVLs for the Statute of Limitations (SOL) to expire. Even though OC is listed on your credit report, and if the account is in collections, you need to send the debt validation letter to the CA.
Another thing is that you should always send the letters through certified mail, requesting a return receipt, and always get the agreements in writing.
Thanks,
Aaron