Macy's Charge Off

[Anonymous]

Hello there everyone,

I was wondering if anyone had any recent success with getting a Macy's charge off removed and/or successful PFD letter. 

I have a Macys/DSNB account that was charged off in 2015, but is still reporting monthly. I receive letters from Credit Control, LLC with offers to settle the account, but the collection doesn't show up on my credit report. The amount is $358. Credit Control, LLC is offering settlement for 45% ($161.41). Ideally, I would like have it removed. However, I'm unsure if this deal would be beneficial to my score. 

So, I pose the following questions:

1. Can a PFD work in my case? If so, who do I contact in attempt for PFD? Macys (OC) or Credit Control, LLC?

2. What impact will it have on my score if I take the offer to settle?

[Anonymous]

I would pay the in full CA. Once that's taken care of, try to good will with the OC to remove the account from your credit history. OCs (with the exception of Credit One) rarely agree to PFDs.

Settling may have little impact to you score and could spook future lenders because it implies that they may take a fiscal loss if they extend credit to you.

[Thaitea007]

You said the collection company is not on your report? So I would assume credit control is collecting on Macy’s behalf and updating monthly on your CR, If so I would first reach out to Macy’s directly and see if they will take payment in full for deletion of the report.

Because if you settle with the CA, you will most likely just see the account updated to the following status *Settled for less than full balance, which is a negative mark when your file is under manual rewiew by other potential creditors you would like to build relationships with.

Also the monthly updating of the charge-off will further drive your scores down, so it’s in your best interest to have it resolved as soon as possible whatever way you choose.

[Anonymous]

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@Thaitea007 wrote:
You said the collection company is not on your report? So I would assume credit control is collecting on Macy’s behalf and updating monthly on your CR, If so I would first reach out to Macy’s directly and see if they will take payment in full for deletion of the report.

Because if you settle with the CA, you will most likely just see the account updated to the following status *Settled for less than full balance, which is a negative mark when your file is under manual rewiew by other potential creditors you would like to build relationships with.

Also the monthly updating of the charge-off will further drive your scores down, so it’s in your best interest to have it resolved as soon as possible whatever way you choose.

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+1 Well said!

I do not think the OP has to worry about the CA reporting the settlement notation -- the collections account is not on the credit report, as the OP said. I personally would just pay the CA in full and have DSNB remove the accout from the CRs, since the only derogotory information on the OP's reports is the DSNB account.

[Anonymous]

First, I appreciate your response. Actually, both respondants thus far. I do agree with the notion of paying in full ASAP. But when you say "have DSNB remove the account from the CRs" are you suggesting that I ask Macys directly to delete after I pay the balance directly to them? Since the CA seems to be reporting for them, do you think they have the power to delete it? Would Macy's care what they reported as long as they collected money on their behalf? I guess my ultimate question is: Who (OC or CA) should I pay and who gives me the best chance for deletion upon receipt of payment?

[Anonymous]

This is complex because DSNB is the negative item reporting, so you will have to get that account deleted by sending them lots of good will letters. They may not agree to just remove it over the phone.
For DSNB to even consider your good wills, you will have to pay the CA in full first.

If the CA were reporting, requesting a PFD would be easier. But in this case, it's not.

Hope this helps!

[Anonymous]

So I just paid Macy's, well Citibank who finances the Macy's card, IN FULL. I didn't speak to the CA at all. They said they will update my balance to $0 and PIF within 30-60 days. However, they stated they won't do PFD. So goodwill letters should be the next step in attempt for deletion? How do I approach it and to whom should I send it to? There's a PO Box listed on my CR. Will they even look at my letter if it goes there?

[dpsyche4]

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@Anonymous wrote:

So I just paid Macy's, well Citibank who finances the Macy's card, IN FULL. I didn't speak to the CA at all. They said they will update my balance to $0 and PIF within 30-60 days. However, they stated they won't do PFD. So goodwill letters should be the next step in attempt for deletion? How do I approach it and to whom should I send it to? There's a PO Box listed on my CR. Will they even look at my letter if it goes there?

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Any updates on how you proceeded? I am in the same situation. I wanted to know if you had any success in having this account deleted. 

[Anonymous]

I tried to wait it out to see if they just deleted it after it was paid, but it still shows. Been searching the forum for tips and the consensus is just to send GW letters and hope for the best. So I'm going to send one out soon. I'll be sure to update the results. 

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@dpsyche4 wrote:

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@Anonymous wrote:

So I just paid Macy's, well Citibank who finances the Macy's card, IN FULL. I didn't speak to the CA at all. They said they will update my balance to $0 and PIF within 30-60 days. However, they stated they won't do PFD. So goodwill letters should be the next step in attempt for deletion? How do I approach it and to whom should I send it to? There's a PO Box listed on my CR. Will they even look at my letter if it goes there?

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Any updates on how you proceeded? I am in the same situation. I wanted to know if you had any success in having this account deleted. 

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[dpsyche4]

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@Anonymous wrote:

I tried to wait it out to see if they just deleted it after it was paid, but it still shows. Been searching the forum for tips and the consensus is just to send GW letters and hope for the best. So I'm going to send one out soon. I'll be sure to update the results. 

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@dpsyche4 wrote:

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@Anonymous wrote:

So I just paid Macy's, well Citibank who finances the Macy's card, IN FULL. I didn't speak to the CA at all. They said they will update my balance to $0 and PIF within 30-60 days. However, they stated they won't do PFD. So goodwill letters should be the next step in attempt for deletion? How do I approach it and to whom should I send it to? There's a PO Box listed on my CR. Will they even look at my letter if it goes there?

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Any updates on how you proceeded? I am in the same situation. I wanted to know if you had any success in having this account deleted. 

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Definitely keep us posted. I am on the same boat. Not sure how to tackle this beast. Balance is for $203.23, where they are asking to settle for $91.45 but my main concern is to get it completely removed. Right now its reporting as Macy's but the letters I am receiving are from Credit Control, LLC.