Hello all, For those reading this, thank you and bare with me through this. I had (1) charge-off in the amount of 20K+ with Citibank. The last date of use was 8/2000. The Citibk entry is off of all 3 credit reports, but I have (2) different NCO entries on my EQ and I have (1) on my EX, and (1) on my TU. That is all I have my scores are from 655-665. (EQUIFAX) NCO FINANCIAL GROUP Account Number: NCOP PURC Acct Type: Open Account Acct Status: Open Monthly Payment: $0 Date Open: N/A Balance: $21,331 Terms: N/A High Balance: $13,789 Limit: N/A Past Due: $21,331 Remarks: COLLECTION ACCOUNT Payment Status: At least 120 days or more than four payments past due NCO FINANCIAL SYSTEM Account Number: XXXX Acct Type: Collection Account Acct Status: Open Monthly Payment: N/A Date Open: Aug, 2002 Balance: $13,789 Terms: N/A High Balance: N/A Limit: N/A Past Due: N/A Remarks: N/A Unpaid Payment Status: Unpaid (EXPERIAN) NCO FINANCIAL SVCS Account Number: Acct Type: Unknown - Credit Extension, Review, Or Collection Collection Account Acct Status: Closed Monthly Payment: $0 Date Open: Sep, 2002 Balance: $21,331 Terms: 1 Month High Balance: N/A Limit: N/A Past Due: $20,868 Remarks: N/A Payment Status: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department (TRANSUNION) NCO FINANCIAL SVCS Account Number: Acct Type: Collection Account Acct Status: Open Monthly Payment: NA Date Open: Aug, 2002 Balance: $21,331 Terms: N/A High Balance: N/A Limit: N/A Past Due: $20,868 Remarks: Placed for Collection Payment Status: Collection account The question I have is...what do I need to do to get the ball rolling so I can get these items removed. I know the acct is high. It seems wrong NCO can sale the acct to another one of their companies or wrong to put it on my EQ twice. My other credit is excellent and I few inquiries. I just dont know what to do or what kind of letter to send to get it moving along. Please if you can be of assistance or can help that would be great. And if you do respond,,please,,please be kinda thorough as I am new trying to do this on my own. If you need more if I can reply and add any other pertaining info. Thank you so much
What state are you in Sneaker? The first thing I'd recommend is SLOOOW down. This is a lotta money. ???
I want to echo the MASTER, BUTCH... With an account this size, you want to take things nice, and slow... If you get in a rush, you could make a mistake which could let them decide to escalate to a suit (if they own the account). The last thing you want is a LARGE law suit (UNLESS YOU'RE THE PLANTIFF ). The reason your state is so important, is it'll let us and you determine your state's SOL for being sued for this account. You can then weigh this in on any decisions on how agressive you want to get at this time.
Thanks,,for the replys. I am in TX and the DOLA is 8/2000. So I guess I cant really move forward unitl 8/2004..correct? Thanks again and I will chim in any more needed info.
Yep, TX is 4 years... Not advising you whether to wait or not, basically you need to do the same calculated risk that the CA/OC will do to determine if they are going to escalate the account for further collections... I typically make a calculation based on the amount; inversely proportionate on their location -- the farther they are from you the least likely it could be, they would need to file and do the suit local to you, which brings up their costs; and inversely proportional to the age of the account. (how long since it was both opened and closed; if it was opened more than 5 years ago, there is a 50/50 chance that their document retention policy got rid of a majority of the documentation to verify the account.) The amount of the account could be high enough to outweigh the other two factors since the amount of the court costs, probably a few hundred depending on the level of court and the amount of them hiring a local council to do the case could come out to a relatively small amount compared to the 'value' of the account (note value, and not how much they actually paid for the account). So if they think that they have a chance at getting any portion of it if they would sue, they may try to take the dice roll.
