PLEASE HELP! Need advice on Synchrony charge off with ERC. Settlement or Pay Full Balance??

[Winfoxee11]

Hi! I am in remission from stage 4 cancer and trying to rebuild my life and credit. I have 2 charge offs on my credit report. Neither show as a  collection. One is Discover for $4,369. I have already set up a payment plan with Discover to pay the amount in full. The other is Crate & Barrel (Syrchrony) with ERC (but only shows Crate & Barrel on CR) for $5,355. I asked for a payment plan for the entire owed amount. ERC offerred me to pay $446/mth for 12 months. When I said that was a lot to commit to as I am just getting back to work they offerred me two settlement options. Settle for $2,142 in 6 months. I said I needed time to think and research how a settled debt would effect my credit report vs paid in full. They then offerred to settle for $1800. So here I am needing advise on what to do. I am looking to get my credit in the best shape possible and FICO score UP!

Will settling with ERC hurt my score? Is it best to pay the entire amount owed? If so, how will a zero balance report on my credit report? 

Thanks for taking the time to read and helping a girl out!

[FireMedic1]

Pay the 1800. With CO settlements. Whatever you chose they have to show a $0 balance. No more monthly updating. No more util % hits. Then the CO will age off. Congrats on CA free!

[donkort]

I wish you could have gotten a promise to "pay in exchange for deletion" off all 3 bureaus.  Are these almost 7 year old debts/  If so, they will come off your reports soon.

I send Healing Rays for your health.  Many people stay in remission for many years.

[Winfoxee11]

@donkort 

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@donkort wrote:

I wish you could have gotten a promise to "pay in exchange for deletion" off all 3 bureaus.  Are these almost 7 year old debts/  If so, they will come off your reports soon.

I send Healing Rays for your health.  Many people stay in remission for many years.

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Discover told me they don't do PFD. I'll def ask again when I call in the next payment. This is on record until Jan 2028.

ERC says since they aren't reporting to the CA's they can't ask for it to be deleted. On my CR it's the OC (Crate & Barrel) and they claim they sold the account to ERC. I haven't accepted a settlement yet so I will try asking both again. This is on record till May 2026.

Thank you! I hope I am one one of those people 🙏🏽

[Winfoxee11]

@FireMedic1 

Thank you! I'll give ERC a call to accept the settlement. I wish Discover would have given me the option to settle for less. 

[FireMedic1]

Just to make sure. Discover shows a $0 balance on your reports as they sold it to ERC. Correct?

[fury1995]

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@Winfoxee11 wrote:

@donkort 

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@donkort wrote:

I wish you could have gotten a promise to "pay in exchange for deletion" off all 3 bureaus.  Are these almost 7 year old debts/  If so, they will come off your reports soon.

I send Healing Rays for your health.  Many people stay in remission for many years.

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Discover told me they don't do PFD. I'll def ask again when I call in the next payment. This is on record until Jan 2028.

ERC says since they aren't reporting to the CA's they can't ask for it to be deleted. On my CR it's the OC (Crate & Barrel) and they claim they sold the account to ERC. I haven't accepted a settlement yet so I will try asking both again. This is on record till May 2026.

Thank you! I hope I am one one of those people 🙏🏽

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Wow, remission from stage 4 is the true rebuild success. The rest of your troubles must be peanuts by comparison. Congrats!

ERC cannot change how Syncrony is reporting if they purchased the debt. However, Synchrony cannot report the unpaid balance if they sold the debt to ERC. Make sure their (ERC) offer to settle is in writing.... and get an agreement that they will not be reporting the debt or payment to any credit agency (in writing as well). SInce they are currently not reporting it, there is no gray area with the CRA's for that request.. and it is perfectly within the FCRA limits.

What is the actual DOFD for Synchrony that led to the chargeoff? Synchrony can continue to report the chargeoff for up to 7 years + 180 days from DOFD. After you settle with ERC, you could then challenge the Syncrony account reporting accuracy with the CRA's if it's indeed an obvious error based on the reported balance. 

[Winfoxee11]

@FireMedic1 @fury1995 

Discover still owns the CO of debt in the amount of $4369. I am making payments directly to Discover.

ERC is collecting on behalf of Synchrony. I just confirmed with Synchrony & they still own the debt. 

Discover

Discover

Synchrony C&B

Synchrony C&B

Synchrony C&B

[Winfoxee11]

@fury1995 

You're right it really is peanuts in comparison lol. I am just so grateful and happy that I am alive and well. I have the opportunity to fix this mess and I'm trying my best. I am so appreciative of you all on this board. So thank you!

As far as Synchrony C&B, DOFD is 4/2020 & I was wrong...Synchrony still owns the debt.

[FireMedic1]

ERC is just collecting on the debt for Sync and not the owner. You could try to try a settlement amount with Sync and make payments to them since they are the owners.