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Getting a charge off removed


Chip39
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Hey guys, I'm a newbie so please don't kick me too hard if i am doing this wrong.

 

 

A few years ago (2010) i had a credit card with home depot,I got sick,lost my job yada yada yada..Fast forward to today and i am trying to repair my credit.

 

This entry shows as a charge off/profit loss write off on my credit report..I've read about the pay to delete and i am willing to do that but i got in touch with home depot who put me in touch with citibank as the card was through them.

 

Citibank tells me it went to a collection agency which i already knew because of the settlement offer they sent to me.

 

So my question is,If i pay the collection agency can they delete or change the status of the home depot/citbank entry or would i just be wasting my time and money?

 

I would like the entry changed to paid as agreed or just deleted.

 

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No, a CA cannot delete information on a CR that was not provided by them.  All tradelines (billions and billions of them) in the CRA database have a link to the furnisher's account.  The CA may have an agreement with the OC to feed CR info through them.  Or the OC may have given the CA their CRA credentials to do it directly, but even there it is still technically being done in the name of the OC.  The CA may have the means to get it done.  Or they may just not bother.

 

Since there would be two parties involved in any agreement to remove a tradeline, you should have both parties sign any settlement.  If the deal falls through, it could be either party refusing to carry out what they agreed to.  So as long as the deal involves the tradeline by Citi, whether deleting it or just marking paid as agreed, you need the signature of an officer of Citi for your legal protection.

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Thanks for the help Torden,

 

What i got from the nice Indian lady at Citibank was that it is out of their hands and not their problem anymore.

 

I guess i could call and speak to the collection agency and see if they are able and willing to change it.

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Chip,

 

It sounds like Citibank still actually OWNS the debt.... if your credit report doesn't say SOLD, then they do.

 

Nice Indian lady aside, you might try and call a domestic Citi rep and see if you can get their attention by wanting to pay them for a delete as Admin suggested.

 

IF you go this route, get it in writing that they will delete it OFF your credit report in it's entirety. Use the letter provided at the link at the top of the page here.

 

NEVER pay a CA..... and never, ever do anything over the phone. Do everything in writing.

 

Good Luck.

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Ok,Heres the deal

 

I called Citibank back today and got transfered to a few different people trying to find out about a pay to delete or status change and was told by all that the account has been turned over to a CA and i needed to speak with them..Now this is probably the third CA to get this account.

 

So i called CA and told them i was willing to settle for what their letter stated and that i needed a written agreement saying it would be removed from my credit report before i would pay,They were very helpful but kept insisting that they had no control over that. (Even spoke to a manager.)

 

Hope i was not wrong by calling and letting them know that i have the money to pay..The original amout was $1500 and they want to settle for $500.

 

I offered to fax them the pay for delete letter here but again they said that is not up to them but if i do pay that Citi would update my credit report to paid.

 

But i assume it would still show as a charge off and not help my credit score any,right?

 

So am i better off just letting this thing stay on my report as unpaid/charge off for 3-4 more years or paying the CA and having it paid off?

 

Or do i have any other options?

 

Sorry but i am pretty new to this and it's very confusing.

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So am i better off just letting this thing stay on my report as unpaid/charge off for 3-4 more years or paying the CA and having it paid off?

 

 

I believe the SOL for LA is 3 years, correct?  After that, they can't legally sue you for the debt.

 

How you handle this depends upon your goal.  If you pay the debt or reach a settlement, that will be reported on your CR.  A potential creditor viewing that might look upon it favorable IF he/she notices it. 

 

If there's no evidence you're going to be sued and you're not planning on making a major purchase before the TL falls off, if it were me, I wouldn't fool with it.

 

You said it will remain for the next 3 - 4 years.  A TL stays on your CR for 7 to 7.5 years after the date of first delinquency being reported by the OC.  So when it falls off depends upon that date.

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