Not sure whether to let fall off, pay for delete, or settle

[Anonymous]

Hello All,

I have a slew of accounts that I am just unsure what to do with. I pulled all three reports from ACR

Transunion:

Closed/Charged Off

Capital One - 507 open date 6/6/18

Jared - charged off shows balance of 0 vut high balance of 6098 date opened 12/30/2014

Medical Collections

CMRE Financial - 1185 medical with open dates as recent as 2019

Progressive Manamgemet - 4234 for medical (Ambulance ride) 2/21/2017

Collections

Portfolio Recover - 446 open date 2/21/18

Portfolio Recovery - 697 open date 1/25/2018

I have a current auto loan that I have been paying since 06/2018 with a balance of 11564

Loan now current with 0 balance opened 01/06/2016 its closed paid. 

I had another loan now account with an 8000 balance that has disappeared from my reports. not sure where it went. 

Experian has all the ones that Transunion has

Shows that Jared had a 6098 balance when it was charged off 

It also lists 

Collections listed on Experian

CCS for a Progressive bill for 231 that was opened 02.02.2019'

Experian also does not show any of the Loan Now stuff. 

Equifax shows that Jared Charged off amount and same open date. date of last payment Mar 1 2016 and maintains the same information on capital one and portforlio recovery accounts as other reports. 

Equifax does not list the Progressive Management abulance ride or the CCS PRogressive or the CMRE medical collections or the Loan Now accounts. 

I am very happy to share any more information requested in helping asses my sitatuin and best moves going forward. 

I have recently been in communication with Capital One, Portfolio Recovery, and CCS and all three offered me settlements which I accepted and received paperwork for but did not execute any payments on as of yet. 

I am looking forward to hearing the advice from the community on my situation and how I can help boost my credit scores from the low 500s to the point where I can qualify for a VA Loan

[Anonymous]

I cant speak for your other collections, or what plan would be best to improve your credit with all that you have.

But I can say that Portfolio recovery is helpful and legit.   A little over  a year ago I had approximately 1500 in collections with them from an account they took over which was about 5 years old.  I went to their website and set up a 3 month plan to pay it in full.  Set it up to where they took money weekly from my checking account.  Once I paid it off, they automatically reported it as paid and closed the collection account.  it took maybe 2-3 weeks for them to remove it after being paid, but it helped my credit score.

[thornback]

HI & Welcome to the forums!

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Since the majority of your debts appear to be pretty recent (last couple of years), your best course of action is to get them paid/settled for less.   Each still has several years of reporting left before they reach the 7 year statute - during this time, each tradeline update by the creditor/collection agency will further ding your scores, keeping them suppressed and unable to recover from the delinquencies.   Additionally, depending on the Statute of Limitations (SOL) for debt collection in your state, you could be open to lawsuits.  

Capital One Charge-Off:  Pay it.  The outstanding balance is being included in your overall utilization and costing you more points than the derogatory alone.  Paying it will also prevent future updating to the tradeline, allowing it to age & your scores recover a bit.   I suggest paying Cap One in full, if possible, only because of recent reports from others that have settled debts having a hard time getting CapOne to report the account correctly with a $0 balance; instead, it's updating with the outstanding balance, less the settled payment amount. 

Jared Charge-Off:  You listed the open date as 12/30/2014;  what is the Date of First Delinquency (DOFD) - this is the month/year the account first went delinquent and was never brought current?  The DOFD determines the date in which the account will reach the 7 year exclusion mark and fall of your reports. If you only have a year or so left of reporting, then I'd suggest leaving it and letting it fall off on its own.  Work on paying your other debts first

Medical Collections:  Contact the original creditor/medical facility and ask if they resubmit to the insurance company for payment or if you can pay what is owed directly to them;  ask if they can recall the collection/revoke collection authority after payment.  Withouth collection authority, the collection agencies should remove their tradelines.   If the original creditor will not accept payment directly or rebill insurance, then contact the collection agencies and see if they'll accept a Pay for Delete (PFD) agreement. 

Portfolio Recovery:  Easy one. They have a publically stated policy to delete their collection tradelines after payment.  So - contact them and either work out a settlement, payment plan, or pay in full.