Rebuilding Your Credit

[IBEJohnson]

Happy New Year, all!

I've decided to tackle my credit repair issues this year and one of the methods I plan to try are PFDs. Scenario: OC charges off credit card debt and sells it to CA. Both the CO from the OC and the collection from the CA show on my credit report.

So, let's say that CA agrees to my PFD request and follows through. Here are my questions: The OC is still going to report the CO, right? If so, how might I pursue getting everything removed, including the OC reporting? Also, will my score still improve if only the CA deletes but the OC does not?

Thanks!

[pizzadude]

---

IBEJohnson wrote:

Happy New Year, all!

I've decided to tackle my credit repair issues this year and one of the methods I plan to try are PFDs. Scenario: OC charges off credit card debt and sells it to CA. Both the CO from the OC and the collection from the CA show on my credit report.

So, let's say that CA agrees to my PFD request and follows through. Here are my questions: The OC is still going to report the CO, right? If so, how might I pursue getting everything removed, including the OC reporting? Also, will my score still improve if only the CA deletes but the OC does not?

Thanks!

---

You are correct that both the OC and the CA can each report against the same debt.    In most cases you'll have to negotiate separately with them to tackle the negatives on your report.    However if the OC still owns the debt in some cases you might be able to leverage them to get the CA to remove their negative reporting also.    YMMV.

[IBEJohnson]

Thanks pizzadude! Regarding my second question, if the collection is removed, but not the CO, is it reasonable to expect some bump in FICO?

[pizzadude]

---

IBEJohnson wrote:

Thanks pizzadude! Regarding my second question, if the collection is removed, but not the CO, is it reasonable to expect some bump in FICO?

---

Yes, it is possible that your score will increase, but it all depends on the other negative information on your reports.    If this is your only collection account then I'd expect more of an increase than if there are other collections still hanging around.

[IBEJohnson]

Thanks again. I'll report back once things get rolling.

[Shogun]

Once it's paid, start the GW process on the OC.