topic Re: Plan of Execution in Rebuilding Your Credit

UPDATE: Plan of Execution

AFreshStart — Tue, 24 Jan 2012 19:13:59 GMT

I have 4 Charged Off Accounts and 6 Collection accounts showing on my credit report. I had originally decided to try to clear the newest ones first but after no responses to my GWs and PFD, I'm a little defeated.

Charged Off:
BOA (540) deletes in 2015 UNPAID
Arthur State Bank (240) deletes in 2015 UNPAID
Aarons (153) deletes in 2017 UNPAID
Dilco (4100) deletes in 2017 UNPAID

I have sent 2 PFD to Aarons and Arthur State Bank, they arent even responding. Should I pay them and then GW instead? I haven't attempted anything with the BOA account since this account is in collections with Calvary. The Dilco will probably have to just fall off. I have no funds to attempt to handle that at this time.

Collections:
Shafer Law Firm (960) deletes in 2017 (Medical) UNPAID
Receivables Performance (284) deletes in 2017 UNPAID
Franklin Collection Service (308) deletes in 2017 (Medical) UNPAID
Calvary Potfolio Service (BOA- 540 but they want 712) deletes in 2015 UNPAID
National Credit Systems (780) deletes in 2014 PAID
Professional Recovery (164) deletes in 2014 PAID

I haven't attempted anything Shafer at all, I sent emails and snail mail to RPM, they just send me a generic call us response. I sent snail mail to Franklin Collection offering PFD, I'm hoping for a good response. I have done nothing with Calvary as I formentioned, they add collection fees every so often. I have sent GW to National Credit Systems and Professional Recovery and I have received no response.

My current credit score is 532 on EQ and I really would like to raise it as much as I can this year. Should I handle the charge off first since they are showing in my accounts section or the collections? The SOL in my state is 3 years, if that info is needed. Any help here or in PMs is greatly appreciated. I'm trying to do it all right from here on.

Re: Plan of Execution

AFreshStart — Wed, 11 Jan 2012 22:25:10 GMT

???

Re: Plan of Execution

RobertEG — Thu, 12 Jan 2012 03:04:04 GMT

Charge-offs and collections are both major derogs. Deletion of either would have approx the same score impact.

Aside from the scoring issue, posting of a charge-off is the same as posting the statement "The creditor states that the consumer is considered unlikely to pay the debt to the degree that we now consider it to be uncollectible." That is the substance of what they must certify in order to charge-off a debt from their receivable assets.

In my opinion, that is more negative than simply referring a debt for collection assistance, which at least carries with it some expectation of payment.

Re: Plan of Execution

fused — Thu, 12 Jan 2012 03:35:06 GMT

@RobertEG wrote:

Charge-offs and collections are both major derogs. Deletion of either would have approx the same score impact.

While its obviously true that both are major derogs, OC trade lines carry more weight in FICO scoring than third party collections. So, an OC trade line that's newly charged-off will do more damage than a new collection. Not only that, COs more than likely factor in utilization calculations while collections never do. If I had to pick my poison, I would take a new collection over a new charge-off reporting a balance. Deletion of a CO would more than likely net more FICO points than a collection of a "similar" age.

Re: Plan of Execution

AFreshStart — Tue, 24 Jan 2012 19:18:49 GMT

Franklin Collection Service accepted my snail mail PFD! Awesome! I'm through the roof excited.

The T- mobile account that was with Receivables Performance has been bought by Midland. I do not know if Receiveables is still showing on my credit report, if it is I will send them a DV.

This forum has been so helpful. Thanks to everyone who contributes to these posts.

Re: Plan of Execution

Rebuilding2013 — Mon, 28 Jan 2013 01:11:21 GMT

Congrats on the PFD! Would you mind PM'ing me the information you sent them? I have an account I'd like to take care of with them as well. My account is a balance of $100. Did you pay the entire amount or a settelment? Congrats, again!

Re: Plan of Execution

Shogun — Mon, 28 Jan 2013 01:15:02 GMT

Hello and welcome to the forums.

Just wanted to give you a heads up that this thread is a year old and the original poster hasn't been on in 9 months. You might just want to start a new thread here and ask your question.