Charge off purchased by another lender. Now what?

[bigmistake22]

Hello,

I'm trying to tackle one issue at a time...each time, I have more questions. I've been reading and can't seen to find the straight answer on how to proceed. I think the answer is: You are SOL and have to wait until the charge off falls off BUT I thought I would ask here and see if I'm missing something. I'll do anything to get rid of this one!

 

I pulled my credit report. All 3 from annualcreditreport.com show this credit card (see below for more details). 

It says it was charged off in 2019. I do not know who to reach out to to settle/deal with this debt. I'd love to see if I can pay to delete or something similar. Nothing related to this shows up on my credit report (like in collections section, etc). 

Who do I contact? Any advice on next steps? I read I'm supposed to validate all collections - but this is charge off, so do I validate?  I don't even know who they sold it to. I'd love to find a way to settle this/pay-for-delete. This is an ugly blemish an my already icky CR.

Thanks in advance!

 

COMENITY BANK/NWYRK&CO  $0

ResponsibilityIndividual Account

Account TypeRevolving Account

Loan TypeCHARGE ACCOUNT

Date Updated08/03/2019

Payment Received$0

High Balance$353

Credit Limit$180

Pay Status>Sold; was Charged-off<

TermsPaid Monthly

Date Closed07/01/2019

Estimated month and year this item will be removed11/2025

RemarksPURCHASED BY ANOTHER LENDER; UNPAID BALANCE CHARGED OFF

[Bulldoger]

All you can do with the above trade line is add PAID after was charge-off. If you don't have collection you should get letter in mail from JDB soon if try settling before they report to CBs.  

[Uncle Reggie]

On 3/31/2022 at 1:28 PM, Bulldoger said:

All you can do with the above trade line is add PAID after was charge-off. If you don't have collection you should get letter in mail from JDB soon if try settling before they report to CBs.  

Is that an automatic result of paying the collection agency on a charge-off? Having the charge-off from the original lender show paid?

I have a Barclay's charge-off and associated collection with PRA - I plan on negotiating with PRA soon - and they delete 30 days after the collection is settled.

The Barclay's is my only listed charge-off - they haven't reported since April of 2019 - but it still shows on all 3 CR's. 

Will Barclay's then update and show as paid? I didn't know that. 

[Bulldoger]

14 minutes ago, Uncle Reggie said:

Is that an automatic result of paying the collection agency on a charge-off? Having the charge-off from the original lender show paid?

I have a Barclay's charge-off and associated collection with PRA - I plan on negotiating with PRA soon - and they delete 30 days after the collection is settled.

The Barclay's is my only listed charge-off - they haven't reported since April of 2019 - but it still shows on all 3 CR's. 

Will Barclay's then update and show as paid? I didn't know that. 

They are suppose to. If they don't in 60 days you can file a disputes with Credit Bureaus to have them update to show PAID.  All my settlement's I made with collection services so far have had the collections removed and the original tradeline state. was charged off PAID IN FULL.  The one I settled with JDB had original tradeline and collection removed before they filed suit and they didn't return after settlement. SO IDK if the sold account will update automatically but the CRA are required to have correct information so you can dispute and Barclay will be force to verify with PRA that it was settled and update or they may not want to put in effort and just remove the tradeline. 

 

[BV80]

@Uncle Reggie

@Bulldoger

When an account has been sold, the original creditor must report a $0:balance owed and no longer has anything to do with it.  The money is owed to the purchaser of the account.  Therefore, because the original creditor no longer owns the account and will not receive the payment, it cannot update its entry to show that the account has been paid.  

Only when the original creditor still owns the account and receives payment can it update to show the account as “paid”.

[Bulldoger]

1 hour ago, BV80 said:

@Uncle Reggie

@Bulldoger

When an account has been sold, the original creditor must report a $0:balance owed and no longer has anything to do with it.  The money is owed to the purchaser of the account.  Therefore, because the original creditor no longer owns the account and will not receive the payment, it cannot update its entry to show that the account has been paid.  

Only when the original creditor still owns the account and receives payment can it update to show the account as “paid”.

@BV80Technically correct I guess but you can force them to update via remarks BTW i settled for 50% with JDB

example:

[BV80]

12 hours ago, Bulldoger said:

@BV80Technically correct I guess but you can force them to update via remarks BTW i settled for 50% with JDB

example:

That’s great if they will update a sold account to show that it has been paid with the new owner, but there’s no requirement that they do so.  As a result, if they fail to update an account that was paid in full to a new owner, there is no violation for which they can be held accountable.