First Premier Charge Off and Collection

[SoshiHomie84]

Hello all. I am a little confused and would like some insight.

I had a First Premier card with a $250 limit in college. It was charged off and send to Midland Collections agency for $466. 

If Midland agrees to a PFD, will it remove both First Premier and their Collection account on my report? Right now both First Premier and Midland are showing. Or must I take my chances, do a PFD with Midland, and hope that a goodwill letter might get First Premier off the report?

I am just unsure if a PFD with the collection company (Midland) removes both the collection account and the original negatives from First Premier, or will I need to just let the First Premier age off after 7 years. 

[Shogun]

---

@tomas247 wrote:

Hello all. I am a little confused and would like some insight.

I had a First Premier card with a $250 limit in college. It was charged off and send to Midland Collections agency for $466. 

If Midland agrees to a PFD, will it remove both First Premier and their Collection account on my report? Right now both First Premier and Midland are showing. Or must I take my chances, do a PFD with Midland, and hope that a goodwill letter might get First Premier off the report?

I am just unsure if a PFD with the collection company (Midland) removes both the collection account and the original negatives from First Premier, or will I need to just let the First Premier age off after 7 years. 

---

A PFD with Midland would not cause FP to remove their posting.  You would have to try a GW with FP.   Now FP would have to update to $0 if they were reporting a balance.

[SoshiHomie84]

Thanks so much. That's how I thought it would work!

Hopefully I can settle with Midland and have them delete on their end at least. 

[RobertEG]

Alternately, if the OC still owns the debt, you could make your PFD offer to them, and thus attempt to get the charge-off all all reported monthly delinquenicies removed, then address the collection via a GW request.

Granted, most consumers will want the collcetion deleted, and that is the usual first approach.

However,if the debt collector wont do a PFD, then you might still be able to get the OC reporting deleted if they will accept a PFD.

If the OC accepts payment, they must notify the debt collector that the debt is now satisifed, which would require the debt collector to close their collection and report a $0 remaining under their collection.