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Collections, Student Loan Rehab process, and advice moving forward please!

Gcharb23
Established Member

Collections, Student Loan Rehab process, and advice moving forward please!

Hello all,

 

Basically my situation is I have 4 collections reflecting on all 3 bureaus which include;

3x accounts originally with Midmichigan Physician Group which were transferred to CBM collections.

1. $89

2. $89

3. $102

These accounts were PIF in 2014, status's currently show "Equifax: Paid, Transunion: Payment after charge off/collection, and Experian: Paid account/was collection account, insurance claim or government claim or was terminated for default."

 

The other collection does not show the original lender but I believe it's a Best Buy CC I neglected from college, and was transferred to Midland Funding LLC. Date Assigned 08/26/2014. Original balance $637 - current balance $537.

Right now I am desperately looking for the best solution for these baddies. In addition to this I will begin contacting the companies who hold some of my student loans which have gone into default so that I can rehab. (Unsure of my best options for that as well)

 

I've recently started an LLC and know that I have a very low chance in qualifying for a solid Business credit card. I was not able to qualify about a year ago upon starting an LLP which was embarrasing and complicated things with my business partners. And to top things off I cannot move forward/advance in my career without proper repayment established with my student loans so that transition is on hold. 

 

I would greatly appreciate any help getting things rolling! Smiley Happy

 

Thank you in advance,

 

 

 

FICO 8
Starting Scores 09/05/2019: EXP: 601; TU: 618; EQ: 611
Current Scores 09/15/2019: EXP: 600; TU: 618; EQ: 611

Amazon Store Card: $550
Chase Freedom: $1K
Capital One SavorOne: $2K
Capital One QuicksilverOne: $2K
Discover It Cash Back: $1,250
Self Lender Credit Builder Account: 10/01/18 - Present

 

Main Short Term Goals: Rehab SL's & complete the process so they are current.
In addition, increase all scores and qualify for a Business CC w/ an adequate CL.
Long Term: Scores 700+

Message 1 of 13
12 REPLIES 12
Remedios
Moderator

Re: Collections, Student Loan Rehab process, and advice moving forward please!

Being that the collection us older than two years, Midland will delete after payment
So, your solution is to pay it and be done with it.

As far as collections you already paid, they are old. Your best bet is writing to collection agency, same as GW approach, and ask if they would agree to remove their reporting.
I would not expect too much, but it's worth a try

Good luck!
Message 2 of 13
Boisvert
Frequent Contributor

Re: Collections, Student Loan Rehab process, and advice moving forward please!

Is everything reporting correctly? Also do you have cash availability to pay off any outstanding credit card balance?

For student loans, you can go through rehabilitation and they’ll bring them up to current.

My signature is only for inspiration.
  
  
Credit Repair Tracker: Don't get discouraged: 220pts gained to 800!


MYFICO Proud Garden Club Member: 

Message 3 of 13
FireMedic1
Super Contributor

Re: Collections, Student Loan Rehab process, and advice moving forward please!


@Boisvert wrote:
Is everything reporting correctly? Also do you have cash availability to pay off any outstanding credit card balance?

For student loans, you can go through rehabilitation and they’ll bring them up to current.

OP said they were PIF. Why would they not be reporting correctly? We understand you were successful in getting false info off your reports in your posts. Really doesnt mean everyone has/had the same incorrect info as you had to suffer and come out on top. Anyway. Good advice on the SL's.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 4 of 13
FireMedic1
Super Contributor

Re: Collections, Student Loan Rehab process, and advice moving forward please!

Whats the balances on these cards. Might have some hidden points in them.

Amazon Store Card: $550
Chase Freedom: $1K
Capital One SavorOne: $2K
Capital One QuicksilverOne: $2K
Discover It Cash Back: $1,250
Self Lender Credit Builder Account: 10/01/18 - Present

Little hint. You dont have to change the font size. Many use mobile on here....Smiley Very Happy





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 5 of 13
Boisvert
Frequent Contributor

Re: Collections, Student Loan Rehab process, and advice moving forward please!


@FireMedic1 wrote:

@Boisvert wrote:
Is everything reporting correctly? Also do you have cash availability to pay off any outstanding credit card balance?

For student loans, you can go through rehabilitation and they’ll bring them up to current.

OP said they were PIF. Why would they not be reporting correctly? We understand you were successful in getting false info off your reports in your posts. Really doesnt mean everyone has/had the same incorrect info as you had to suffer and come out on top. Anyway. Good advice on the SL's.


No. OP said there are 4 accounts and listed 3 PIF. Why would they be? In your opinion, are collection companies known for reporting accurately and without errors? 

My signature is only for inspiration.
  
  
Credit Repair Tracker: Don't get discouraged: 220pts gained to 800!


MYFICO Proud Garden Club Member: 

Message 6 of 13
FireMedic1
Super Contributor

Re: Collections, Student Loan Rehab process, and advice moving forward please!


@Boisvert wrote:

@FireMedic1 wrote:

@Boisvert wrote:
Is everything reporting correctly? Also do you have cash availability to pay off any outstanding credit card balance?

For student loans, you can go through rehabilitation and they’ll bring them up to current.

OP said they were PIF. Why would they not be reporting correctly? We understand you were successful in getting false info off your reports in your posts. Really doesnt mean everyone has/had the same incorrect info as you had to suffer and come out on top. Anyway. Good advice on the SL's.


No. OP said there are 4 accounts and listed 3 PIF. Why would they be? In your opinion, are collection companies known for reporting accurately and without errors? 


 All thats left is that Best Buy collection. And the amount went down some possibly from an offer to pay. We'll see when the OP comes back. People are always saying the amounts are off. Before accounts lead to closed/charge offs and then collections. Well interest, late fees is still being calculated and that ups the amount. Some CA add a fee. So they will say oh it wasnt that much. Well all that doesnt stop until it is Closed/CO'ed. Then the final amount is listed. So in some eyes that looks wrong. They dispute and it comes back accurate. Which it is due to all that was added on until the ax came down.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 7 of 13
Gcharb23
Established Member

Re: Collections, Student Loan Rehab process, and advice moving forward please!

Thank you I'll deff give a GW letter a try to see if they will remove and stop reporting. And yes I can just pay the Midland off 

Message 8 of 13
Gcharb23
Established Member

Re: Collections, Student Loan Rehab process, and advice moving forward please!

Yeah they're all correct, and I have all the contact info for the servicers who hold my past due SL's so I hope to have that taken care of this week. The other collection w/ Midland I'll pay in full immediately

Message 9 of 13
Gcharb23
Established Member

Re: Collections, Student Loan Rehab process, and advice moving forward please!

For my cards as of right now I don't carry any balances, I do use them frequently throughout the month but have them PIF at least a week or so before they're due. Becuase I have to use them more for business I pay them frequently over the course of a month. Just sucks not being able to seperate business and personal in addition to a low overall access to credit. But I'm deffinitely paying Midland off asap, and I'll have all my servicers contacted this week regarding rehab. 

 

Thank you for all your help!

Message 10 of 13
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