Newbie Question re: Charge-offs

Discussion in 'Credit Talk' started by bkcredit, Jan 8, 2015.

  1. bkcredit

    bkcredit New Member

    Hi there!

    So I have alot of charge-offs back from 2011 after my divorce. Most of them just say 'submitted to collection' while a couple say 'sold to another lender'.

    For those that say just 'submitted to collection', does that mean I can work directly with the OC? Or does it not matter since it's a chargeoff?

    TIA!
     
  2. jam237

    jam237 Well-Known Member

    There isn't really a distinction.
    An account could report that it's been assigned or sold, either way, the original creditor is TYPICALLY out of the picture. In most cases, even if you call them directly, they will direct you to the collection agency.
    If you pay the original creditor directly, you could still find yourself being subject to collection calls from the CA if they aren't told that you resolved it with the original creditor.
    If you want to work with the original creditor, typically you try to see if they will recall or buy-back the account.
    The account won't affect your score in a positive way, either way, it will still be a charge-off, the paid designation doesn't raise your scores.
     

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