Pay For Delete with Creditors Financial Group – Remove Charge Off From Credit Report.
Learned on 8/3 that over $9,000 was owed to credit card that I thought business partner closed out in 2009 ( business lasted about 4 months). Creditor still owns the debt but has charged off and has a 3rd party trying to collect. 3rd party says last payment was made 3/2012 and I am the guarantor ( I have no recollection or documentation of such). I have contacted former business partner and have created a payment schedule for her to pay me back and plan to pay off the debt in full with in the next couple of days.
Should I go to creditor to pay off debt and try to get agreement to remove charge off? If so, is there information I can access to advise me on how to go about this? I was not the financially savy person in this partnership.
Getting either Bank of America, or Creditors Financial Group collecting on the account that BofA charged off, to remove it from your credit report is not likely. It cannot be done with CFG – the debt collector – as they are not the one doing the reporting. Getting your Bank of America to voluntarily back out the charge off, even if you pay the debt off, is just not common (as in unobtanium).
Requesting debt validation from a debt collector like Creditors Financial Group, when you are not sure the account is yours, is a good move.
You mention having no recollection of signing on as guarantor for the account. You can request the Creditors Financial Group validate that you indeed owe this money. You would do so in writing and send the request certified mail return receipt. Your letter requesting validation does not need to be much more than “I am requesting you validate the debt you are collecting is in fact mine”. You may have signed on for responsibility for the account back when it was opened and just not recall that, but you should really take the time to get them to verify it. The debt collector is required to cease collection activity, once they receive your validation request, until they are able to answer you with a proper response.
Settle with Creditors Financial Group and get zero balance reported on your credit reports.
If the BofA credit card is proven to be guaranteed by you, and you are on the hook for the balance due, consider settling the account for less than what is owed. If the charge off on the credit report is going to stick, the damage is done. Paying in full, or paying less than the balance owed, wont change the damage on your credit report. Either one will bring the balance due down to zero, which is what you want to see in order for the damage to have less impact on your credit score over time.
I could provide a bit more feedback if you could post a comment reply below to the following questions:
Who is the creditor?
Who is the debt collector?
Here is a link to more information on request debt validation: Request debt validation from a debt collector.
Anyone dealing with a Creditors Financial Group collection account is welcome to post questions and concerns in the comments below for feedback.