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Charge Off

Posted Thu August 19, 2010 6:51 am, by Byron J. written to Verizon Wireless (Cell Phones)

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I am in the process of getting a home mortgage to purchase my first home when I have discovered that on my credit report, Verizon has listed a Charge Off on my report which is now preventing me from obtaining my mortgage. The account was paid in full in going in 3 years now as soon as I was aware that it was in behind status.

As Verizon has been paid for going on 3 years the full amount that was owed, there is no more incentive to continue reporting the Charge Off on my records and I am asking that Verizon remove the charge off as this is not in violation of the FCRA.


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I'm Genuinely Curious by Casmly Thu August 19, 2010 @ 11:13 PM


I have no experience but Ive read that by RowdyRetailer Fri August 20, 2010 @ 12:28 AM

Well by fishbjc Fri August 20, 2010 @ 10:30 AM


re by RowdyRetailer Fri August 20, 2010 @ 11:25 AM


prevent someone from obtaining a mortgage by Bill R. Fri August 20, 2010 @ 9:55 AM
by fishbjc Posted Fri August 20, 2010 @ 10:16 AM

prevent someone from obtaining the mortgage IF the underwriter decides
it does. There is NO forumla written....

Some underwriters won't have an issue with it...especially after 3
years and some WILL.

Reply


If the rest of your record is clean by Donno Fri August 20, 2010 @ 11:20 AM


Acts of Gord? by PepperElf Sun August 22, 2010 @ 1:48 PM

by PepperElf Posted Thu August 19, 2010 @ 11:04 PM

it doesn't matter if it's been paid off.

if the charge off was valid, it stays for 7 years



credit reports exist to show a person's true credit history

Reply

WRONG... by fishbjc Fri August 20, 2010 @ 10:24 AM


WRONG... by Donno Fri August 20, 2010 @ 11:18 AM


This was the research I used by Donno Fri August 20, 2010 @ 11:24 AM
by Lisa H. Posted Thu August 19, 2010 @ 4:57 PM

"As Verizon has been paid for going on 3 years the full amount that
was owed, there is no more incentive to continue reporting the Charge
Off on my records "

But there is. It's part of your credit history and is being reported
acurately from what you say. The whole point of a credit history is
that it shows just that, your history. If we could have everything
bad removed once we paid it, there would be no point in having credit
scores.

Reply

You're Wrong! by fishbjc Fri August 20, 2010 @ 10:18 AM


"You're Wrong! If"..... Huh? by Donno Fri August 20, 2010 @ 11:14 AM


The OP never said by MA Cunningham Fri August 20, 2010 @ 4:00 PM

There was nothing in the letter by Lisa H. Sun August 22, 2010 @ 11:52 AM


by RowdyRetailer Posted Thu August 19, 2010 @ 2:56 PM

I would suggest not getting the home loan.

Stay where you are, or get into something cheaper for a short period
of time, and pile up the cash. I'm not a big fan of renting, but if
you are doing and are going to pile up cash and avoid a mortgage its a
smart move.

Mrs Rowdy and I did that many years ago. Bought a forclosed house from
the bank for 40k. We had been saving and paid cash for the house.
Granted, it needed alot of work, but we made repairs when the cash
came in.

Today we have no house payment, no car payment, credit cards, no debt,
except for our everyday living expenses.

The good book says the borrower is slave to the lender. Once you sign
that dotted line they own you.

Good Day

Reply


The OP's problem by Donno Thu August 19, 2010 @ 6:35 PM


re by RowdyRetailer Fri August 20, 2010 @ 12:15 AM

I'm so sick of your flaunting by t n. Thu August 19, 2010 @ 8:56 PM


Flaunting by Eclipse Thu August 19, 2010 @ 10:10 PM


Thank You by RowdyRetailer Fri August 20, 2010 @ 12:21 AM


Its crazy by Eclipse Fri August 20, 2010 @ 11:22 AM


T.N, by RowdyRetailer Fri August 20, 2010 @ 12:09 AM

you paid $40,000????? by franese Sat August 21, 2010 @ 9:50 AM


re by RowdyRetailer Sat August 21, 2010 @ 9:59 AM


"I can only reflect my views, they are all I have." by Donno Sat August 21, 2010 @ 11:13 AM


Well said, Donno by LadyMac Sat August 21, 2010 @ 8:22 PM


re by RowdyRetailer Sat August 21, 2010 @ 11:49 PM

True but... by franese Sun August 22, 2010 @ 10:10 AM


I live in an area by LadyMac Sun August 22, 2010 @ 3:01 PM


I am so glad by MA Cunningham Mon August 23, 2010 @ 3:25 PM

I have to agree by BigShot Wed August 25, 2010 @ 3:37 PM

by ST Posted Thu August 19, 2010 @ 2:09 PM

If it's reporting as a 3 year old paid charge off, that in itself
shouldn't be enough to prevent you from getting a mortgage. I had
some screwups earlier with my credit, but did not have any problems
getting my mortgage just last year. There have to be some other
entries on there that are more likely causes of any denials you're
getting. A 3-year old chargeoff shouldn't carry enough weight to
cause a denial by itself.

Reply

That was LAST YEAR, this is THIS YEAR... by fishbjc Fri August 20, 2010 @ 10:22 AM


Neither by ST Fri August 20, 2010 @ 11:47 AM

by RedheadwGlasses Posted Thu August 19, 2010 @ 1:37 PM

But it's accurate, so it should stay.

Reply


by Donno Posted Thu August 19, 2010 @ 9:07 AM

I think you will find "going on 3 years now" means you have over 4
years to wait for it to be removed.

A chargeoff is a serious matter, along the lines of bankruptcy.
Notations of these just don't go missing.

It isn't a matter of "incentive". The purpose of it on your report is
to let potential creditors (eg a mortgage lender) know that you may be
a credit risk. I have never had a single negative mark on my credit
report. Shouldn't I have an advantage over someone who has?

Reply

Really? by fishbjc Fri August 20, 2010 @ 10:26 AM

by Bill R. Posted Thu August 19, 2010 @ 8:23 AM

Byron J.,

The issue is was this debt turned over to collections and paid off by
you after it was due in full. If that is the case you can and should
expect that entry to remain on your creditr report for up to 7 years.
If you can prove that the debt was paid in full prior to it being
turned over to collections you might stand a chance of having it
removed as an error.

BillR.

Reply




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