Hello all, I have a charged off account in 04/2005 from AmEx for $2500. The date of last activity was 06/06. I used to get statements from NCO financial in 2005 and 2006 (I never made a payment directly to them - - only to Amex). Now that I am trying to take control of my credit, I have realized NCO has not been put on any of my credit reports, except as for occasionally looking at it. Is this odd? Does Amex still own my account or does NCO? I am a bit confused. Thanks.
Look at the wording on the dunning letter from NCO. If it uses the words 'assigned' or 'referred' anywhere, it is still owned by Amex. If NCO owned the account outright, due to a sale of the debt from Amex, they would be more than happy to add their 'TL' to your report to coerce you into paying. What are you trying to accomplish? - Are you unconcerned with how it reports as long as it reports as paid? - Are you wanting to settle for less than the full balance? - Are you trying to get the TL removed from your CR altogether?
Thank you for your prompt response. I apologize for being so vague. I was a broke college student at the time and have now settled into my finances. I wouldnt mind paying back the sum to AmEx, my goal is to rebound from my poor credit as quickly as possible, whether it be paying it off right now, or waiting out the 7 year period.
Since the DOLA is relatively recent, waiting it out might not be much of an option if you plan on making major financial decisions in the near future. It isnt scheduled to drop off your reports until 06/2013, that is a long time. If you can stand to wait for the SOL for collections to expire, then your chances for settling for less than the balance, or settling for deletion of the tradeline in exchange for payment in full will be more probable.
I have read that AmEx pretty much does not settle for deletion of the tradeline, am I incorrect? I dont anticipate making any big financial decisions within the next 3-4 years. Would the effect of this derogatory account still being on my CR still be prominent, considering my other accounts are all positive?
I never had a TL with them, but I think you are correct. In four years, this TL will be 5+ years old. It should not have much bearing on attaining new TLs, especially in light of having an abundance of other postive TLs, unless you are trying to get a mortgage, then you might have to pay it to satisfy the lender.
Thanks for all of your help. Just a quick question, in case you know, in the status details of my experian CR for this account it says: "This account is scheduled to continue on record until Oct 2011." Why would this be, when my last payment was June 2006? That's not even close to being 7 years.
Hmmm, I have some mysteries of that type on my Experian report as well. I just chalk them up to being fortunate
I know this is a late followup, but I got a new letter and the lanuage used is as follows: "Please be advised that American Express has forwarded your account to our agency for collection". Do you think NCO owns it?
American Express has a in house repayment plan called Oasis.Ask them about it.It will reward repayment with a new positive account from them and they generally drop the old account off after receiving payment in full.
It looks like Experian is reporting this accurately, if AmEx "CO'd" the account as of 4/05, then your "Date of First Major Deliquency" occured in 10/04, add 7 years to that date, and you come up with Oct 2011 fall off date for reporting. It's being reported correctly, as you have yet to bring the account "current".
