First I just want to say thanks to all the people who post and have helped me. Here is my last hurdle. I have had an apple loan which was actually a wells fargo Student loan. The loan was supposed to be covered by the company I was a partner of but, after a falling out, wasn't covered anymore by them and was hard for me to cover. Needless to say, it is now a charge off. It only appears on my experian credit report but is listed twice. The fist listing states that I had a loan amount of $2435 but owe $7456. I don't understand that. I owe the $7456. But am not sure what the other number represents. Than it states that it is a charge off. The next time it is listed it says the same stuff but then says that it was sold. The dates of these are 7/2003. What I want to do is pay the debt off and have them delete the tradline. Is this possible? Who ever they sold it to hasn't reported it to any of the credit bureaus. Is this enough info? Any help is appreciated. Jae
Re: Re: Charge off challenge lbrown, Would this be an argument against FUSA/Bank One and it's reporting of discharged accounts as "charge off w/ balance?" FUSA claims that they sold my accounts to Weinstein Bankruptcy. By what you said, FUSA should show a zero balance, correct? Any suggestions on how I phrase this to them?
Re: Re: Re: Charge off challenge Bump---- Same happened to me....file Chap. 7, then between filing and discharge, FUSA claims "sold to Weinstein". Is this a violation of my stay that was in place? Would the act of selling a debt to a collection agency constitute an attempt to collect the debt? Neither FUSA or Weinstein wants to clarify, or tell me details of the sale. BKinNE
But, even if it showed a zero balance, it would still state that it is a charge off, right? That is what I want to handle. Anything I can do? Jae
Yes. It is widely beleived that a charge off wrecks your score whether or not it is paid. You mentioned that there are 2 tradelines for this - 1 shows a balance the other shows sold. Are they both listing under the same account holder name? if so, this is a duplicate tradeline and at least one should be deleted. After paying off a charged off CC i had luck with a simple 'not mine' dispute with the CRA's. be on the lookout for any collection agencies that may have purchased this debt. bugman
Re: Re: Charge off challenge Thanks Bugman. I know of and who the CA is that bought it but they are not reporting. So what you are saying is that I should pay the CA and not try to pay the for the deletion? The OC can't do anything about it anyway if they sold it to a CA right? You also said it seemed like a duplicate entry, so, should I write the CR and tell them to delete one and then send a not mine once I've paid the CA or just send a not mine for both? You've been most helpful so far, thanks. Jae
Re: Re: Re: Charge off challenge No, no, no. (lol) I hope to shout, we do NOT pay unless we first attempt to negotiate a pay for deletion. 1) Try to get a Pay for Deletion agreement. 2) Or refuse to pay, and hold your breath hoping they don't decide to sue for judgment... but personally if I have the $$ (a BIG IF) and I don't have a dispute with the company I feel it's ethically right to pay... then I lean toward pay for deletion option. 3) It is widely believed that your FICO is about the same whether it's an UNpaid collection or a PAID collection. I believe that's what was being said (could be wrong). Take care, G.H.
Re: Re: Charge off challenge It may be difficult to get the CA to get the OC to agree to delete the OC's tradeline for payment. here is ONE possible scenario for you to take... You'll want your agreement with the CA to state that THEY will not add a tradeline to any of your reports nor sell the debt, etc., etc. there are some good letters on here. You then use the dancerat letter modified to fit your situation. Sent to the OC. use the duplicate entry as your gripe along with any other inconsistancies you find with the tradeline(s). Be sure to get your letter to someone who has the power to delete tradelines ---research the board(s) and internet to find out. just to clarify- one thing thats confusing me is you said this was 'really' a wells fargo student loan. Are these completely private loans? unlike a stafford? gov't backed loans are a whole different animal- thats why i asked. Good Luck! Bugman...
