Hello, This forum has helped me a lot. I had a credit card (limit - $800) which went delinquent 2 years ago as I lost my job and didn't have enough to make payments. I never received any letter from bank or CA for the same. Probably, because I have moved a lot in the last 2 years and my phone no changed. In Jan 2012, I looked up my credit report and saw that bank has charged off that amount. I called up the bank and it took me more than 2 hours and getting transferred from one dept to another to talk to somebody who was able to provide me just a phone no for a CA. That person didn't tell me whether bank has sold or assigned the amount to CA and neither did that person tell me the name of the CA. The very next day, I called up that CA and after a long hold and getting transferred over and over, finally I was able to talk to somebody who provided me their internal file no for this and their mailing address. So, to verify if this CA is the one I need to deal with; I sent them a certified DVL asking for documentation. It's been 3 months and I haven't received any reply from them. Yesterday, I checked my credit report and I still see the charge off from the bank but no CA has been listed so far. I am confused as to what shall be done next. Shall I just wait for this CA to contact me as I have never received any letter from them and neither did they reply to my DVL? I haven't moved since last 6-8 months and my other credit cards list my current address on my report.
Welcome to Creditnet ash77, and I'm glad to hear the forum has helped you a lot! When you have a minute, it would be great if you could leave an official testimonial in the forum as well. Now, in response to your question, I would just wait at this point too see what happens. If the CA can't validate your debt, they have to cease collection efforts, which it sounds like they've done. They're also not reporting the credit card debt on your credit reports as a collection, which is good. Hopefully it stays that way. Are you trying to clean up your credit reports within a specific timeframe or for a specific purchase, like buying a home, car, etc?
Thanks for the reply. I am not in a hurry to clean up credit report. I just wanted to make sure that if in future the CA takes it to the court, I should be able to prove my point as well.
If you're not in a hurry, I wouldn't push things at this point. Wait and see how the CA responds or if they begin reporting the debt on your credit reports. In the meantime, you may want to try and find out from the OC if they actually sold your debt or if it's been transferred to the CA for collection.
Can OC keep on updating the latest balance even after a charge off? My CR shows that: Remarks: Closed by credit grantor. Pay Status: Charged Off. Date Closed: 06/2010. However, for the Balance they have posted the latest balance as of May 2012. The 'Date Updated' of is May 2012.
Yes, Charge Off just means that they've had to take it off of the books. Now, if they've sold the account to a JDB, the balance would have to go to $0 (because they've sold their interests in the entire account), but otherwise they're able to show the balance that's most recently updated.
Yes, I agree with Jam. They can keep reporting this way until they've sold the debt. At that point they need to begin reporting the balance as zero.
