Need direction on how to proceed with collections account - RISE/NCB/MRS BPO

[ambitiouscat79]

Hello,

I originally had a balance charged off with RISE ($5640.85) , charge off date 12/26/2018.

Account landed with NCB that was aggressively attempting to collect, I spoke with them once or twice years ago in 2019 but since have coincidentally also changed my cell phone so did not hear from them.  I recently received a letter 12/3/20 indicating that the current creditor is NCB and MRS BPO is attempting to collect.

In the meantime, I've spent hundreds with "credit repair" consultants and company that have not been able to remove this blemish from my credit report.  I had other issues as well, but have been able to raise my credit score from the 590+ to around 690+ in the last year by paying down balances and opening some new credit lines, but the collection is really preventing me from cleaning my credit up and really tackle some major goals I need to this year of refinancing my mortgage and school loans.

Any tips on how to handle this?  Has anyone dealt with these collection agencies and recommend either a hired repair specialist to help remove it, or whether a pay for delete option would work in this case?

Thank you!

[Anonymous]

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@ambitiouscat79 wrote:

Hello,

I originally had a balance charged off with RISE ($5640.85) , charge off date 12/26/2018.

Account landed with NCB that was aggressively attempting to collect, I spoke with them once or twice years ago in 2019 but since have coincidentally also changed my cell phone so did not hear from them.  I recently received a letter 12/3/20 indicating that the current creditor is NCB and MRS BPO is attempting to collect.

In the meantime, I've spent hundreds with "credit repair" consultants and company that have not been able to remove this blemish from my credit report.  I had other issues as well, but have been able to raise my credit score from the 590+ to around 690+ in the last year by paying down balances and opening some new credit lines, but the collection is really preventing me from cleaning my credit up and really tackle some major goals I need to this year of refinancing my mortgage and school loans.

Any tips on how to handle this?  Has anyone dealt with these collection agencies and recommend either a hired repair specialist to help remove it, or whether a pay for delete option would work in this case?

Thank you!

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NCB does PFD (pay for delete), so that would be much cheaper than paying a "credit repair agency" that will not likely do much of anything for you or may make it even worse. Trust me, I have gone down that road. Save your money for actually dealing with your past debts instead of trying to hire a credit repair agency and just throwing your cash in the wind for nothing.

I have/had a CO with Rise, also. CA was also NCB. So this is based on my own experiemce and what I have read of others on the forum.

Now when you call, the frontline CSRs will be adamant that there is no PFD. You have to run it up the management tree to get PFD. So just ask for a mamager straight away. You may likely have to PIF. I only missed my last payment and only had a CO balance of $337, so that may be why I had to pay the full balance. You may be able to settle for less, but I would not count on it, especially with getting PFD.

I would not reach out to them until you are ready to pay because they are not good at passing information along. Long story, but it happened to me.

The original account with Rise will remain on your CRs as a CO, there is nothing you can do about that, except wait for it to age off or go on a GW (good will) camapign kindly asking them to do you the favor of deleting the TL from your CRs (I am guessing just TU for the CO and all 3Bs for the CA?). I have seen a post or so stating this was possible after the CA has been handled. Mine ages off in a few months, and while waiting on other baddies to age off/PFD, so no sense for me to put in the effort when it will be gone so soon.

The CA will be deleted (and if your only CA, it should give you a nice boost in your scores once it is removed). I have seen it possible to get scores in the 700s with $0 balance COs.

Good luck!

[ambitiouscat79]

Thanks for the info!

I'm curious or confused - if MRS is calling on behalf of NCB, why is the collection account still showing under NCB right now rather than as another charge off or passed along? Also, the main reason I've hesitated on paying was I was given the advice to not pay the collection account since it resets the clock on the credit report - unless a PFD can be accomplished.  I had hoped the credit repair agencies would have been able to negotiate something like that for me but haven't found a reputable agency as of yet. 

[vntrsc]

Once an account has been charged off, it can't be charged off again.  If NCB is the current creditor, that is why it is reporting the account.  It's possible that MRS is merely collecting for NCB.

[Ottley]

It will still fall off in 7.5 years from date of first delinquency. The problem with not paying is that you could still be in the statue of limitations and can be sued if that's the case. Paying the collection is a good idea because it one removes the possibility of a lawsuit and 2. Stops them from updating the account monthly which is very damaging. It will allow the baddie to start to age and help your scores rebound in time. 

Also, its a good idea to pay the collections in the event that you want to take out another mortgage and looks better to have a paid closed account than an account with a balance. Others on this forum may have some other advice. Hope this helps. 

[OmarGB9]

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@ambitiouscat79 wrote:

Thanks for the info!

I'm curious or confused - if MRS is calling on behalf of NCB, why is the collection account still showing under NCB right now rather than as another charge off or passed along? Also, the main reason I've hesitated on paying was I was given the advice to not pay the collection account since it resets the clock on the credit report - unless a PFD can be accomplished.  I had hoped the credit repair agencies would have been able to negotiate something like that for me but haven't found a reputable agency as of yet. 

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No, that is incorrect. Nothing can reset the 7-year credit reporting exclusion period. That is determined by the DOFD from the original account and can't be changed. You should still pay for the reasons given by others.

And there are no "reputable" credit repair agencies. They all operate the same way, and anything they can do, you can do yourself for free. Plus, you won't ruin your own credit the way they would with excessive disputing.