Currently paying off about $75,000 in credit card debt taken on during the economic slowdown last year when my consulting business tanked; current income of about $150,000. Not sure that debt relief is a viable option for me without severe negative credit rating consequences, so I’m paying down debt on most cards with a “hardship” agreement worked out with creditors – reduced or zero interest for a period of time with fixed monthly payments.
All creditors are reporting accounts under these agreements as “being paid as agreed” except for American Express which lists the account as an R9 charge-off even though all payments have been made on time and the original balance of $8,700 has now been paid down to $1,200 with two more payments left. Is this legal? What steps can I take to ensure that this won’t continue to show “was charged off” once the balance hits zero? Will NEVER again carry an American Express card as long as I live – worst credit company I have ever encountered – even worse than Bank of America (2nd worst~).”
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.I Hate American Express. by Steve Rhode