Credit Report / Credit Score

How Do I Payoff This Old Delinquent Debt From Citibank and Macy’s?

Written by Steve Rhode

Question:

Dear Steve,

Have a delinquent account for Macy’s DSNB That was charged off August 2017.

I would like to pay the account off to have it not show negative on my credit report.

I have attempted by going through Citibank and their affiliates for Macy’s credit card but they said the accounts too old and the only way to pay off is by sending a check to PO Box but they can’t guarantee that they would accept it. Is there any way that I can get this paid off?

Meredith

Answer:

Dear Meredith,

If the account was charged off in August of 2017 then it probably went delinquent around February of 2017. In a couple of months that will be nearly three years ago.

The odds are the account was sold off long ago as a bad debt and Citibank no longer owns the debt.

The best place to discover who does own the debt is to look at your credit report. There are three major credit reporting firms and just because the debt may not appear on one credit report does not mean it’s not on another.

You can also look on AnnualCreditReport.com to get a copy of your credit reports.

If the current owner of the debt is not reporting it on a credit report then discovering who, if anybody, owns the debt is going to be impossible.

Frankly, I’m less worried about the old charge off than I am about what you are actively doing now to rebuild your credit. Old problems carry less weight as time passes and good current and active accounts have more influence on your credit score.

You can read my online guide here on how to build great credit.

And keep in mind, just because you pay off the account your old missed payment information will still be reported. Paying off an account does not erase past payment history.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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