Re: Charge-Off Account

Posted by jo blow on February 23, 2002 at 19:31:34:

In Reply to: Charge-Off Account posted by Gamosi on October 17, 2000 at 16:38:59:

: I know this question has been answered a thousand
: different ways but I can't seem to get a satisfying
: answer for my own. I recently requested a copy of my
: credit report after almost 10 years. I filed a chapter
: 7 when I was very stupid and young. I have two charg-off
: accounts on my report. One charge off was done in
: October of 1994 and the other was done this year for
: an acccount that was inactive since 1991. I wrote the
: credit bureau because I really didn't know who the first
: charge-off belong to. I asked them to remove this because
: the debt was paid. Three days after my telephone
: conversation with the credit bureau, I received an
: express mail letter offering a credit card proposition
: in the mail from the company that held the debt stating
: that they will give me an unsecure line of credit for
: $300.00 and in addition add the $600 dollar delinquent
: debt onto it also. They stated this was a great way to
: reestablish credit. I indicated to them that I was trying
: to get out of debt not go back into debts and that I
: wanted to settle the account for a reasonable amount.
: They offered to settle for $300.00 if I Western Union
: the money before the end of Sept. They also stated that
: it was against their rules to go beyond settling a debt
: for lower than the $300.00. They also stated that they
: could fax me a letter stating that the account was paid
: in full after I send the Western Union. Since this is
: Capital One working with some collection Agency called
: Wesleyan, can they remove the debt from my credit report
: because the names are different. I just ran into this
: problem with an old Montgomery Ward Account. Once collection
: agency had the account. AFter paying it off, I was told
: that they could not remove Montgomery Wards information
: and that I had to contact them. Also, Is this charge off
: old enough to have been removed from my credit file? Is
: the collector just trying to get me to pay on a dead
: file? I really want to do the right thing. Please help.
: Lost in Texas.

A negitive item can only show up once on your credit report per account. IE if Capitol one charged off your account and sold it to a credit company then Capitol one has to remove it from your credit file. This is per the fair credit reporting act. You will have to be ugley with them and make them remove it. If you just call and ask they are going to try and make you think they dont have to remove it but they do

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