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Hi,
Can someone please explain to me how to read my credit report.
The TransUnion credit report states account charged-off Paid -0- Balance. 2nd question is I am making payments to a collection agency who purchased the account from the OC. The collection agency is not listed on my credit report, but the OC is with a charge off and a 200.00 balance. Once i finish paying off the collection agency, will they report the account paid to the OC?
Any help is appreciated
charged off account
Hi Brock,
When your original creditor refers a debt, with or without a prior charge-off to a debt collector, and also retains ownership of the debt, then both the OC and debt collector will report on the debt. If you pay the CA, they will report the debt as paid with zero balance, and report the payment back to the OC, who will then update the balance to zero. But payment does not result in any deletion from your credit report.
However, if the OC sells the debt to a collection agency, the OC will then report a 0 balance. The collection agency will now report the debt with the outstanding debt amount. If you then pay the CA, the CA will update the debt balance to $0. But the charge-off will still be there on your credit report.
Thanks,
Aaron
chareg off
Hi Brock,
If you want to remove the charge-off you will have to pay your creditor. In that case however, the collection agency won't update the account status.
You will have to request the creditor to pull back the account from collections. However, whether or not the account can be pulled back will depend on if the account has been sold.
Thanks,
Lia
do you have all your credit reports?
what state are you in?
what is the original creditor and the name of the CA?
what is the date of first delinquency? 30 days after last payment