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Help with removing unpaid charge offs from my credit report


Jmdorozco
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I have 2 old First Premier credit cards that were first delinquent in July 2016 and April 2016.  My credit report shows a CO for payment history every month.  I really don't have the money to offer a full payment for both ($1352), and I don't want to do anything that re sets the clock, but I really need them off of my reports.  I have 4 years of 100% perfect payments on 3 credit cards (except for 1:30 date lay back in 2018), car loans, and now my mortgage for 18 months, but my score is still below 600.  It must be these 2 old accounts that are keeping it down.  Help?

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If these charge offs are past the statute of limitations in your state, then you could do a settlement offer. It’s not uncommon to be able to settle older accounts for 20% or less, and 2016 was a long time ago at this point. These are smaller debts, so they might want more money (maybe 50%). You just have to conduct these discussions by phone and get their offer in writing. Do you know if First Premier still owns these debts? Is it being handled by an outside collection agency? Or has it been purchased by a debt buyer? If the latter is true; then First Premier can’t be legally reporting a balance, because you would owe the debt buyer and not them. I recommend looking back through your mail and records to see what exactly is going on with it. Also, if First Premier has handed this off to an outside collection agency, you can use this to your advantage to get a better deal on the settlement. If you can find any inaccuracies on your credit reports relating to this account, then you could also dispute it in writing. You’ll want to keep copies and send it through certified mail or USPS Priority Mail, so it can be tracked.

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I tried to GW the 1 late payment, they wouldn't budge.  I am looking at paper copies of my reports.  My credit scores are obtained from Credit Karma and Experian, which I know may not be accurate, but which I am watching for trends in my scores.  I am pretty sure that First Premier does still own the debt. They show a 0 balance on both accounts, and in the payment status is shows charged off, but in the payment history, it shows a CO payment every month, up through last month (Oct 2021).  I will look back through my paperwork to make sure of this information.  I am afraid to call them, afraid I will say the wrong thing.  Is there any info here that talks about pay for delete?  Is that even possible with First Premier?    

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10 hours ago, Jmdorozco said:

I tried to GW the 1 late payment, they wouldn't budge.  I am looking at paper copies of my reports.  My credit scores are obtained from Credit Karma and Experian, which I know may not be accurate, but which I am watching for trends in my scores.  I am pretty sure that First Premier does still own the debt. They show a 0 balance on both accounts, and in the payment status is shows charged off, but in the payment history, it shows a CO payment every month, up through last month (Oct 2021).  I will look back through my paperwork to make sure of this information.  I am afraid to call them, afraid I will say the wrong thing.  Is there any info here that talks about pay for delete?  Is that even possible with First Premier?    

So they are reporting a $0 balance? Did they discharge the debt and issue you a 1099-C cancellation of debt form at any point? The $0 balance means they did this or sold the debt, but I find it peculiar that they are updating the account each month. They generally stop reporting after they give up on getting their money.

 

if they say you owe $0, the chance of a pay for delete seems unlikely. To get this deleted, your best bet is to dispute any inaccuracies through the credit bureaus. It is also a good idea to send a dispute letter explaining the inaccuracies in detail to First Premier as well.

 

if you want to call them, I would recommend just asking questions. Have you sold the debt to someone else? Would you delete the account if I can pay the balance? How much would you take as a settlement offer to satisfy the debt? You can try this route, but getting a pay for delete from an original creditor is next to impossible these days for some reason. For legal reasons, the banks have decided to respond to any questions about deletions or inaccuracies by saying they can only report accurate information to the credit bureaus. Collection agencies and debt buyers seem to be more flexible on this issue for some reason (probably due to greed).

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