Hello all,
I am trying to improve my credit report and not entire so sure what to do.
I have no collection accounts that are reporting on my reports but I do have 2 collection accounts out there with collection agencies. One is Professional Bureau of Collection collecting for Comenity Bank (Express retail store card), one is Midland Credit Management for Paypal (Paypal line credit).
1. I have talked on the phone with PBC, which acts on behalf of Comenity Bank (they collecting for Comenity Bank), they haven't reported the account to credit report as they said they do not own the account. So PFD does not work with them. They cannot help me beside taking payment or offer a 70% settlement of original balance. I wanted to pay the full balance in exchange for PFD but they cannot help. They also said they cannot take my offer for paid in settlement in exchange for PIF reporting on credit report. They said I have to talk to Comenity bank in regard of credit reporting. So, look like my only option is PIF, then send goodwil letter to Comenity Bank once the account updated with zero balance?
2. Same situation with Midland Credit Management, they haven't report anything to the big 3 agencies, so PFD is no good, I supposed PIF and then goodwill to Synchrony Bank to have the trade line remove?
I also have two Amex accounts that currently in collection, handling the collection by two seperate collection agencies. But the weird thing is that Amex still allows me to access my Amex accounts online via their website and still allow me to make the payments, even though the Amex themselves refuses to discuss the accounts with me.
So I elected to instead of setup payment arrangement with the collection agencies, I went ahead and make the required minimum payment to Amex via their website (the required minimum payments were rather large, but I paid them). Currently, both accounts fall back to bare required minimum payments of $25 and $35 per month. Question is for those that know, by paying like this with Amex, will they report the on-time payment to the 3 reporting agencies as OK payments from now on until the account is paid off? It should helps my credit report this way instead of PIF immediately right now.
