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Citi Charge Off Questions


treymacou
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About 3 years ago I had run myself into credit card debt on 2 cards and could not keep up. I turned to Care One for help and they negotiated lower interest rates and a monthly payment plan with Discover and Citi. Initially Citi declined the offer but after a few months an agreement was made.

 

I have been working on building my credit score recently in order to buy a home so I have kept up with my credit report. Last month I noticed Citi has listed the account I have a been paying on for nearly 3 years through a debt management program as listed as Charge Off. I contacted Citi and explained the situation with the debt management program and they said all they can do is take full payment but they cannot remove the Charge off from my credit report. I had read numerous places that if you could pay the debt they will usually remove the charge off. The person I spoke with said they can't legally remove the charge off and all they can do is list it as charged off paid in full. He said I could go through the written dispute process if I would like as well.  I do have documentation of payment every month since Nov 2009.

 

Is this correct? Why have a read numerous places that you can negotiate for the charge off to be removed if you can pay the balance? Do I have any recourse since I can prove a monthly payment to them for over 3 years?

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That is why debt consolidation firms are a rip off.  Just because you are paying them, it doesn't mean that the creditors will report your paying on time.  You are not paying as agreed (original agreement), so they are reporting you late.  

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