Pay BofA Now or wait until it goes to Collection

[tantalizing1]

Guys,

 

I have an account that was just closed by BofA's risk department and sent to Chexsystems. I called the account rep I was assigned and she said it has not yet made it to collection, however they've already reported it to Chexsystems and possibly my credit report.

 

I have the money to pay in full, she says that I can take it to a local branch, but she says that they will more than likely not remove it from Chexsystems.

 

She suggested I may want to wait a week when it goes to collections, then call and see if I can negotiate a pay for delete.

 

Should I wait to try this or just pay it now?

 

I'd like to just pay the bank and get it over with, but would like to know which way will be most beneficial.

Edited September 5, 2008 by tantalizing1

[Nikki Nue]

If this is your only record on Chex, I would pay it now and have them update it as "paid" If they don't update it, then you should have grounds to dispute it with chex and get it updated, or possibly removed.

 

Best luck with whichever path you take

[mca]

How old is the debt?? ANd how much money is it? Whether you pay it or wait for it to go to collections, they will NOT remove you from chexsystems. Bank Of America is very hard to deal with regarding chexsystems issues. many times it is easier to get a response /help by writing to the CEO there.

[tantalizing1]

How old is the debt?? ANd how much money is it? Whether you pay it or wait for it to go to collections, they will NOT remove you from chexsystems. Bank Of America is very hard to deal with regarding chexsystems issues. many times it is easier to get a response /help by writing to the CEO there.

 

MCA,

 

The debt is 3 1/2 weeks old and $2,800.

[angelalynn79]

If I were you, I'd pay off BofA directly. I was able to do so and get off of Chexsystems. Go in with the payment and meet with the branch manager individually. Explain what happened, that you are sorry you had this happen, you really want to make it right.

 

This worked for me, and it keeps another ding off your credit report.

[Isiety]

If I were you, I'd pay off BofA directly. I was able to do so and get off of Chexsystems. Go in with the payment and meet with the branch manager individually. Explain what happened, that you are sorry you had this happen, you really want to make it right.

 

This worked for me, and it keeps another ding off your credit report.

 

 

Thank you. Just did exactly this.

 

Had an old "ACCOUNT ABUSE" report on Chex for 158$ on a closed account. Reported on Chex for over a year, unknown to me, until I tried to recently attempted a CU app and was denied. (12 months). As soon as I I found out about it I paid it, without asking for anything from the bank (pre CB days)

 

I read this post today, gathered my Chex report and went to the bank. I asked for a meeting with the Branch Manager. I pleaded my case, indicating that I had no idea it was closed with a balance owed.

 

Maybe I got lucky, but I explained the entire situation, that I certainly would have paid it if I had known, never got any notice, etc.

 

He made a phone call right then and requested it to be removed! He indicated it would take 5-10 business days for the request to be cleared with Chex!!!!!!!!!!!

 

This is my only Chex ding, thank you OP. I will repost when I have verified the removal!