Thanks. Please help with a Collection & ChargeOff

Hello All,

My first post. I found this forum not too long ago and have quietly read many posts and useful suggestions some of which I have used to correct errors with success. Thanks for all your collective expertise.

Now I have two big stumbling blocks which I have just realized may be hurting me getting a job I interviewed successfully for.

1. CA from CCA. When I first saw this, I sent DV to CCA but they failed to validate. All I got was the status changed to "D - Unpaid", which I take to mean Dispute - Unpaid. I have recently disputed this with the 3 CRAs. They all came back as verified. Why is this so when CCA did not respond to my original DV? Following your opinions, I have recently sent the CRAs a request for reinvestigation. I am still waiting to hear back from them. While I wait, your thoughts on this will be appreciated.

2. BoA. This is a long story. I will make it short. High Credit: 0, Credit Limit: 0, Balance: 0, Date reported 09/2007, Account Status: Charge Off. In the comments section it says "Paid charge off". Of course 30, 60, 90 days late precede the charge off.

Here is the background: I had a monthly installment loan which I paid from 2000 to 2005. Monthly payment was about 680. After making what I thought was the last one, I received another balance for about $125 due. I disputed the balance in 2005. Of course, back then, I wasn't in as aware as now in credit matters (no excuse). I had forgotten about it until BoA withdrew $183 from my BoA checking acc in 2007. When I called, they told me it was payment for balance of the loan back from 2005. From friends suggestions, I wrote about 3 letters to BoA including to their head office demanding a return of the withdrawal stating that I did not authorize it. When I spoke with a BoA rep in Tampa she insisted the bank had a legal right to withdraw the money (the original 125 plus fees) even if I did not authorize it. I was so disappointed by BoA taking advantage that I had this account with them that I decided to close both accounts I had with the bank in 2007. Fast forward, now I see this account is hurting my score with the Charge-off status and series of lates. As I mentioned earlier, there is a comments section that says "Paid charge off" but I don't think this makes it any better - a charge off in the main status is a charge off.

Here is my problem: if I dispute with the CRA's I have heard that if successful I may end up loosing because the CRAs may delete the TL; in my case that is a big problem because of limited history total 9 yrs and this one is from 2000 to 2005 solid until the disputed "extra fees" at the end. If I call back BoA how should I discuss this in a way to get them remove the charge off status since they have already paid themselves anyway from unauthorized withdrawal from my checking acc? Thanks again for any suggestion.

09/11/08 - EQ657/TU654

 

Thanks for the quick response, jjgross. A good idea. Does it matter if I try to call first or if I just send a letter directly. I am thinking by calling, I may be able to find out where/whom exactly to send a letter as it has been a while since I had contact with BoA

 

Thanks for the pointer. I found an address for the CEO in North Carolina. I'll draft the letter tonight.

 

I thought the fact that I had disputed the extra fees was a protection. I also thought the fact that the said checking account had nothing to do with the loan was enough protection. Apparently I was mistaken.

 

Most Difficult Letter

Hello All, I followed all previous samples as templates and changed words/phrases here and there. Here is what I have so far. Difficult to write even with access to all past samples: I haven't written anything like this before.

1. How does this look, sound?
2. While googling to get address to send to, I found some phone numbers. Via one of the numbers, a rep asked me to fax such a letter to some fax number which she gave. The fax will just be to whom it may concern and it is cleary not to the CEO's office. Which one is better - a letter to the President as shown below or a fax to Whom It May Concern to some unknown person in a branch office?

======Letter Begins

Dear Mr President,

Re: Account No. xxxxxxxx
Name: <My Name>
Tel: <My Tel>
Addres: <My Adresss>



This correspondence is about my experience with your Bank that is a combination of a grateful "thanks" and a pressing request concerning above stated loan account which currently has derogatory status in my credit files that I would like to have revised.

Please know that I am grateful to your bank for servicing the loan from 2000 to 2007. On more than one occasion, during financial difficulties, your company worked with me to readjust the terms of the loan repayment. Through incorrect math and stubbornness on my part, I was sure and adamant that it was incorrect to have extra charges of $125 or so due after I made what I thought was the last installment payment of about $700 which had always been the monthly payment. You company naturally and justifiably charged off the amount I had disputed and reported such to the credit agencies.

I regret my action. It was not a good judgment to doubt the integrity and accuracy of your bank's computing systems that are used to service many loans to term, including those that have more complicated structures than my loan.

I have been recently denied for a better paying job; and it has come to my attention that the charge off and associated late notations from this loan had prevented me from taking full advantage of the advancement offered by the job. Since the loan has been fully paid, I am requesting that you give me a second chance at a positive credit rating by revising favorably the charge off status and associated late notations. I write to request this as a "goodwill adjustment" from your company and I am hoping that you approve my request to delete the negative notations on my above stated account. I sincerely beg you for this redemption.

Please let me know if any additional information would assist in reaching a positive outcome; and I thank you again for the time you have devoted to reading this letter.

Regards,

<My Name>

======Letter Ends

 

Thanks for the review, jjgross. Will implement your recommendation. Other members, any suggestion? I hope to send out on monday.