@Anonymous wrote:So, I'm new to attempting to fix my credit stuff and I'm pretty confused about how to go about it.
I called Kohls today to try and settle my $560 charge-off (was going to offer $300), and they tell me that I have to deal with Progressive (the CA) as it has been referred to them. I'm confused because my credit report shows Kohls reporting the debt/charge-off and nothing about the collection agency. I was hoping to get a PFD or settle and send a GW letter, but I'm confused as to whether I sould send the letters to Kohls or to Progressive?
Getting a PFD with an OC is tough though not impossible the older the debt the better. If they have sold the debt off to the CA then you cannot deal with Kohls at all and Kohls has to update the balance to 0, you would then be dealing with the CA/JDB offering them payment in exchange for it not reporting. If Kohls still owns it send PFD letter offer to the office office of the CEO.
@Anonymous wrote:I'm confused because my credit reeport shows that Kohls is reporting the current balance of $568, under status is says collection/charge-off. The CA is not reporting anything on my credit report, however Kohls says that I have to deal with the CA. I just called the CA and they say they don't do PFD, it's illegal, blah, blah but they will settle with me for $316... What is the best course of action? Pay the CA the $316 and attempt to send Kohls/Capone a GW letter? I just don't want to be out of pocket for $316 and have it not benefit me in any way...
Make a deal with the CA to pay it in exchange for it not reporting (it costs money to report and there is no sense reporting a paid collection if they dont have to). What will happen is Kohls will have to update the balance to 0 as its been settled and at that time you would begin a GW letter campaign to Kohls asking for removal of the TL. A paid CO is always better to human eyes and if you cant get a GW deletion as it ages in time the impact of it lessens in the eyes of Fico.