(Hi, I'm brand new here and I'm very excited to have finally worked my way up to a place where I can start working on my credit score!! Due to several snowballing life circumstances, I became displaced in 2009. Right now I have six accounts with negative indicators and two accounts in collections. I have worked extremely hard to get back on my feet and I plan on using the same perseverance to rebuild by creditworthiness.)
Anyway.
I opened a Chase credit card in 12/2008 and stopped making payments on it in 5/2009. The account was finally charged off to Midland in 6/2011.
Here is the thing, though: This doesn't show up under Collections. (My Accounts tab in myFico shows my Chase CC opened in 12/2008 with a $0 balance and notes saying that it was charged off and sold/transferred as a bad debt/collection. Then there is a separate account from Midland opened in 6/2011 showing the amount I originally owed Chase.) It notes that it is a collections account but it is on myFico as an open account!
My original plan was to PFD this account (I've been reading that Midland is especially difficult to deal with so I guess that in itself is a topic for another day). However, now I am not sure what my plan of action should be because I was neither expecting for this balance to be reporting as an open account, nor was I expecting for both Chase AND Midland to show up on my report. Like I said, I'm just starting to rebuild so the latter is probably an assumption I made naively.
Cutting to the chase:
In order to pursue a PFD on this account, is it okay that Midland is showing up as an Open Account and not under Collections?
And secondly, if I do pursue a PFD, what do I do about the Chase bad debt/collection line on my report? If I succeed in having Midland delete in exchange for full payment, does it delete both the Midland and Chase line on my report? Does it delete Midland and change the status of my Chase account? Or do I need to take additional steps to take care of the Chase item on my report?
Thanks for all your help! I am so excited to be here 
@anewstart2013 wrote:(Hi, I'm brand new here and I'm very excited to have finally worked my way up to a place where I can start working on my credit score!! Due to several snowballing life circumstances, I became displaced in 2009. Right now I have six accounts with negative indicators and two accounts in collections. I have worked extremely hard to get back on my feet and I plan on using the same perseverance to rebuild by creditworthiness.)
Anyway.
I opened a Chase credit card in 12/2008 and stopped making payments on it in 5/2009. The account was finally charged off to Midland in 6/2011.
Here is the thing, though: This doesn't show up under Collections. (My Accounts tab in myFico shows my Chase CC opened in 12/2008 with a $0 balance and notes saying that it was charged off and sold/transferred as a bad debt/collection. Then there is a separate account from Midland opened in 6/2011 showing the amount I originally owed Chase.) It notes that it is a collections account but it is on myFico as an open account!
My original plan was to PFD this account (I've been reading that Midland is especially difficult to deal with so I guess that in itself is a topic for another day). However, now I am not sure what my plan of action should be because I was neither expecting for this balance to be reporting as an open account, nor was I expecting for both Chase AND Midland to show up on my report. Like I said, I'm just starting to rebuild so the latter is probably an assumption I made naively.
Cutting to the chase:
In order to pursue a PFD on this account, is it okay that Midland is showing up as an Open Account and not under Collections?
And secondly, if I do pursue a PFD, what do I do about the Chase bad debt/collection line on my report? If I succeed in having Midland delete in exchange for full payment, does it delete both the Midland and Chase line on my report? Does it delete Midland and change the status of my Chase account? Or do I need to take additional steps to take care of the Chase item on my report?
Thanks for all your help! I am so excited to be here
Hi and welcome to the boards!!!!!
I would suggest pulling your credit reports from www.annualcreditreport.com You are allowed 1 free report from each CRA per year. They have more info and more detailed. There is also sticky threads below my post in blue that will help you as well. Both the OC=Original Creditor and CA=Collection Agency can report at the same time. If the OC show a $0 bal then they transferred and sold the account to a CA. You can always call the OC to see if they will accept payment if not then you're stuck with the CA. Once you pay the CA for deletion which is a PFD the OC can still report the TL=Trade Line. You can ask the OC to delete by sending a GW and explaining you paid the CA.
