topic Re: Original Company VS Collection Agency in Rebuilding Your Credit

Original Company VS Collection Agency

sharriel — Wed, 16 Oct 2019 18:00:05 GMT

Hi all! I have a few cards that have been charged off. They are showing up on my credit report under the original creditor not the collection agencies but I keep getting ntoices from the collections agencies. I'm at a point where I can start chipping away at these but need your help.

Do I go ahead and pay the 60% to the collection agencies? And if I do that, will the original creditor's entry fall off my report once paid?

Re: Original Company VS Collection Agency

OmarGB9 — Wed, 16 Oct 2019 18:24:21 GMT

What do you mean 60%? Are the collection agencies offering a 60% settlement? Paying the CAs will not cause the charge offs from the OC to fall off, only to update to $0 balance. If you settle for less than the full balance, they may include a comment in the remarks section of the account saying so.

Re: Original Company VS Collection Agency

sharriel — Wed, 16 Oct 2019 18:29:21 GMT

Yes, the collection agency is offering a 60% settlement with a deletion

What is the easiest way to PFD these? If through a CA, will the OC fall off my report?

@OmarGB9 wrote:
What do you mean 60%? Are the collection agencies offering a 60% settlement? Paying the CAs will not cause the charge offs from the OC to fall off, only to update to $0 balance. If you settle for less than the full balance, they may include a comment in the remarks section of the account saying so.

Re: Original Company VS Collection Agency

OmarGB9 — Wed, 16 Oct 2019 18:35:13 GMT

So need a bit of clarification here. Do you only have the OC reporting? Not a CA? If so, then that means the CA is collecting on behalf of the OC, but ultimately the OC is responsible for reporting to the CRAs. That said, who is the OC/CA? That makes a difference in the *slight* possibility the TL would be deleted upon PIF, but I don't want to get your hopes up.

Re: Original Company VS Collection Agency

sharriel — Wed, 16 Oct 2019 18:44:57 GMT

@OmarGB9 wrote:
So need a bit of clarification here. Do you only have the OC reporting? Not a CA? If so, then that means the CA is collecting on behalf of the OC, but ultimately the OC is responsible for reporting to the CRAs. That said, who is the OC/CA? That makes a difference in the *slight* possibility the TL would be deleted upon PIF, but I don't want to get your hopes up.

Ideally, I want all of the below deleted after I pay. Where do I start?

MacYs/Dsnb 10/2013 $494 Unpaid balance reported as a loss by credit grantor

Syncb/Lowes 5/2014 $0 Unpaid balance reported as a loss by credit grantor

Syncb/Belk 6/2014 $0 Unpaid balance reported as a loss by credit grantor

Syncb/Old Navy 6/2014 $0 Unpaid balance reported as a loss by credit grantor

Syncb/Rooms To Go 5/2014 $0 Unpaid balance reported as a loss by credit grantor

Syncb/Amazon 6/2014 $0 Unpaid balance reported as a loss by credit grantor

Syncb/Jcp 8/2014 $0 Unpaid balance reported as a loss by credit grantor

Syncb/Qvc 10/2014 $0 Unpaid balance reported as a loss by credit grantor

Syncb/Walmart 11/2013 $0 Unpaid balance reported as a loss by credit grantor

Syncb/Tjx Cos 11/2014 $0 Unpaid balance reported as a loss by credit grantor

Comenity Bank/Lnbryant 12/2014 Not Reported Account delinquent 150 days past due date

Barclays Bank Delaware 10/2013 $2,036 Unpaid balance reported as a loss by credit grantor

Bank Of America 5/2014 $1,862 Unpaid balance reported as a loss by credit grantor
Td Bank Usa/Targetcred 10/2013 Not Reported Account legally paid in full for less than the full balance

Re: Original Company VS Collection Agency

OmarGB9 — Wed, 16 Oct 2019 18:52:00 GMT

I would start by contacting comenity, Macys/DSNB, Barclays, and BoA, and seeing if they'll give you some sort of payment plan before the account charges off/goes to collections, which I'm assuming all the synchrony ones have already done. Which synchrony accounts have you heard from?

Once all the debts are paid back, then I would try the GW Saturation technique to see if maybe your creditors will consider deleting their TLs. Or, you could try to negotiate with the CAs with a PFD as you mentioned I believe some were offering a 60% with PFD.

Re: Original Company VS Collection Agency

sharriel — Wed, 16 Oct 2019 19:24:46 GMT

@OmarGB9 wrote:
I would start by contacting comenity, Macys/DSNB, Barclays, and BoA, and seeing if they'll give you some sort of payment plan before the account charges off/goes to collections, which I'm assuming all the synchrony ones have already done. Which synchrony accounts have you heard from?

Once all the debts are paid back, then I would try the GW Saturation technique to see if maybe your creditors will consider deleting their TLs. Or, you could try to negotiate with the CAs with a PFD as you mentioned I believe some were offering a 60% with PFD.

OK, I will contact Comenity, Macy's BOA & Barclays, hopign I can find contact info.

The following Synchrony are at Midland (who is offering 60% for deletion):

Lane Bryant

Belk

Best Buy

QVC

TJ Maxx

The rest seem to be lost in the Matrix somewhere

Re: Original Company VS Collection Agency

Anonymous — Wed, 16 Oct 2019 20:12:51 GMT

That’s absolutely great that they’re with a Midland - they absolutely will delete. It’s even on their website. Only requirements are that it’s paid per whatever agreement you make with them, and the DoFD is at least 2 years old.

Re: Original Company VS Collection Agency

sharriel — Wed, 16 Oct 2019 20:19:06 GMT

@Anonymous wrote:
That’s absolutely great that they’re with a Midland - they absolutely will delete. It’s even on their website. Only requirements are that it’s paid per whatever agreement you make with them, and the DoFD is at least 2 years old.

But will the OC come off my report like it shows above?

Re: Original Company VS Collection Agency

Anonymous — Wed, 16 Oct 2019 20:26:52 GMT

If you get lucky with goodwill letters, yes. They are under no compunction to remove themselves and have an agreement with the CRAs to NOT remove themselves, as they are supposed to report accurately, and the default status you had with them is accurate. You get OCs removed through persistence, goodwill letters, and luck.

Re: Original Company VS Collection Agency

RehabbingANDBlabbing — Fri, 18 Oct 2019 18:18:15 GMT

TBH, I think your odds of getting the original charge-offs from these banks deleted is pretty unlikely. For one, an outside collection agency does not have any authority to force these banks to delete their credit reporting. If you settle the accounts, it will update them to a $0 balance and it will add a comment saying "paid in full for less than the full balance." Depending on your financial situation, your best bet might just be to settle as many as you can before you get sued and call it a hard lesson learned. The accounts will hurt your credit less and less as they age, and they will fall off after 7 years.

I will say that you have many accounts with small balances. If you can afford to pay them in full, it may be worth your time getting in touch with the original creditors to offer to pay in full in exchange for deletion. You will want to get an agreement from them saying it will be deleted before you pay them anything. If they can't offer you a deletion, then work with them or the collection agency to get a settlement based on who gives you the best deal. 40% is a good amoiunt to aim for, but smaller balances will likely demand a higher percentage. Remember, they could potentially sue you over any one of these balances and the cost will balloon up based on attorney's fees, interest, and court costs.