Hey all,
Quick Question, my scores have FINALLY made it into the 600s, current fico scores across the boards are: Experian 644, Equifax 636, Transunion: 640
My question is Regional Acceptance (an old car loan that I had a voluntarily repo on) is trying to collect on the $14,789.00 balance still owed - mind you this is the only baddie I have left. Account was opened on June 1st of 2016 and voluntarily surrendered the car on October 1st of 2017.
They have a collections agency collecting on their behalf - all that is reporting to the credit bureaus is Regional Acceptance as a charge off along with the balance, not the collection agency.
The collections agency said Regional Acceptance would like to settle the account for $3000 and will not go any lower than that, and it will be marked as "settled in full". Should I do this or no? Will this have any affect on my scores (like bring them down or increase). I will never be able to pay off the full 14k it's just not worth it to me - this company was a horrible company to get a loan through - but it was my fault. Will this reset the "clock" from deleting off my reports at all? I guess I'm trying to see if this would have any positive bearing on my reports otherwise I'd just let it fall off and pocket the 3k lol. Thanks for your thoughts and guidance! This form has helped me tremendously - I owe it to all of you to be in the 600 club 😎
You can try going directly to Regional Acceptance to see if they'll recall the debt and do a PFD. With it being your only derogatory, your looking at around 100 point score boost if you can get them to remove it. Otherwise, pay it, and be done with it to make sure you're not sued or a collection isn't reported if they decide to sell the debt.
Thank you!
Good idea! I will call them first thing tomorrow when they open to see if they would consider that. Thank you! I will keep you all posted with the outcome. 
