There has been a macy's charge-off on my reports for some time now ($421) and I am now looking to clear it off my CRs because I want to buy a car and get a mortgage this year. I disputed as not mine with the CRAs and EQ came back right away and said "verified". Macy's sent me a letter saying that they are investigating, and that they want a copy of my DL, SS card, and verification of my address for 1999 and 2000. I called Macy's Collections this morning and they told me that if I pay the balance in full, that they would make the Charge-Off as paid in full with a zero balance, and that they would give me a new account with a credit limit that matched the charge-off account. Maybe it is too early in the morning to think about this, but does it not seem like a great deal to me. Should I pay it and then try and fight for deletion? Should I pay it and demand that they remove it? I know that Macy's is fairly consumer friendly, but I really don't shop in the store much so I don't care for the card - I just want the charge off removed. The account was opened in 1996, went delinquent in 1999, and was charged off in 2000. I can give them the money as soon as a deal is made. Thoughts anyone? Nester
be sure they are not going to put down PAID CHARGE OFF. As that will reset the DLA and you'd be pissed. GET IT IN WRITING EXACTLY then post the letter here so we can dissect it. I'm guessing they will give you PAID CHARGE OFF. which is no better than CHARGE OFF.
Sam - I was under the impression that a paid charge off could not reset the clock for reporting purposes, and there is an FTC opinion letter floating around that shares this interpretation. If you cannot find it, let me know and I will dig it up. Nester
If my interpretation of New York law is correct (6 years), then the answer is no. Six years would place us into late 2005 or early 2006 (depending on if you count last activity or the chargeoff date). Nester
**Bump** Who should I contact to make this offer - should I call the collections people again? Should I PFB Macy's? I want to try and get rid of this pronto. Nester
