Hello! New to myFico here, was lurking the forums for some questions, but couldn't find what I was looking for.
So, I recently got a letter from MRS BPO stating; "The above referenced creditor (JPMorgan Chase) has placed your account with our office for collection". So, my balance due is $1858.45 and they are asking to make a ONE-TIME payment of $929.27 by 11/21/2019 to resolve my account.
What I am confused about is that MRS BPO isn't listed on my Credit Report under any Collections. But, on my CR it shows that my Chase account is closed and the remarks stated "canceled by credit grantor".
So, I was wondering how do I go about this? Do I contact Chase and ask if I can make payments to open my account again? Or do I call MRS BPO and see if they are able to open my account from Chase if I pay the ONE-TIME payment even though it is not showing on my Credit Report?
Thank you so much! Any advice/tips would be greatly appreciated
The letter you are ceceiving from MRS BPO is a collection letter that is offering a settlement arrangment for the entire balance of the account. Chase has not sold your debt to MRS BPO, but rather, has hired this company to collect the debt for them on a contingency fee basis. Because Chase is reporting the original account to your credit file, they likely will not report any separate collection. In this situation, Chase will probably not reopen your account unless you have been late less than maybe 90 days and is in the very early stages of collection/being late. If the account has charged-off, you won't be able to reopen the account.
If the account has already been charged-off, then your best bet to minimize credit damage is to settle with MRS BPO or to pay Chase the full balance directly. Either way, the negative information is going to stay on your credit file. Paying or settling will bring the balance to $0, which will show future lenders that you have made an effort to resolve the debt.
Chase is not known to do any favors once it shuts the door. I'd pay that collection agency ASAP before they report anything at all. Since you say it only says closed by credit grantor on your Chase comments. Dont let them place anymore info like sent to collections. Jump on it like yesterday and get it over with. But dont hope Chase will let you back in. They probably locked the door for yrs.