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nonoca09

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What do I do if card was charged off but all reports say that I have no collections?
The card has been charged off for about 3 months. I had to call original creditor to find out that my account was sold and to whom. I haven't received any calls from collection agencies about said card and all three major credit reports state that the card is charged off but that I have no accounts in collection. There are no collection agency accounts on my reports. What should I do?

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Make sure that you have enough money to pay the account plus figure a little more on top for any added interest added by the collection agency. Once you have enough funds to cover the amount and then some, contact the collection agency either via phone or letter (if you send a letter, send it certified). If you call you should make a recording of the phone coversation (which actually may even be better, because collectors will usually agree to more verbally than in writing) and tell them that you want to pay the account in exchange for them agreeing to not place it on your credit reports. Contact them ASAP, get the money together as quick as you can, because they will hit your credit reports and it will be much easier to deal with it now.

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Since they sold the account recently you may here from the collection agency.  Generally you will have a very short period of time to deal with them before they post it to your reports.  If they do, your credit will suffer.

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nonoca09

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I see. So should I call them or write to them? I've been trying to research online what I should do and some people say its better to write to the collection agency and not talk to them on the phone. Thank you for your advice by the way.

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Taxes

All great post replies. Although not relavent to credit, charged off accounts can be "written off" in the credit card company taxes so you'll sometimes see that you'll get a tax form 1099-C. It basically counts as "income" for you and increases your tax liability. The thought is that since the credit card company took a loss, you "earned" income through this and that amount that is writen off is sometimes taxable. I only mention it because in addition to this you should prepare for that financially when you file taxes the next year.

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