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Where do I begin??

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Anonymous
Not applicable

Re: Where do I begin??

Ok next question. My Macy’s account it has been sent to collections but that collections account is not reporting to any bureaus. Do I call Macy’s or the collection agency?
Also if I go through the collection agency how would I go about removing the negative Macy’s account? Same goes for Walmart, although portfolio is reporting to the Bureaus so I would pay them and then ideally like for Walmart to remove as well.
Message 21 of 43
Anonymous
Not applicable

Re: Where do I begin??

I should have clarified using an attorney for negotiating the GM truck fiasco only, not everything else. Sure, you can try negotiating with GM without an attorney, but if one can help you negotiate getting it completely removed because they know something you don’t would it be worth it? Only the OP can make that decision...

Message 22 of 43
gdale6
Moderator Emeritus

Re: Where do I begin??


@Anonymous wrote:
Ok next question. My Macy’s account it has been sent to collections but that collections account is not reporting to any bureaus. Do I call Macy’s or the collection agency?
Also if I go through the collection agency how would I go about removing the negative Macy’s account? Same goes for Walmart, although portfolio is reporting to the Bureaus so I would pay them and then ideally like for Walmart to remove as well.

Macys isnt going to remove their TL, OCs rarely do unless there is an error on their part. Since the CA is not reporting I suggest cutting a deal to pay them in exchange for it not reporting. Portfolio has a policy to remove their entry 2 years post DoFD so that one will eventually come off it it has yet to pass the 2 year mark from the time Synch COed the account.

Message 23 of 43
sarge12
Senior Contributor

Re: Where do I begin??


@Anonymous wrote:
Ok next question. My Macy’s account it has been sent to collections but that collections account is not reporting to any bureaus. Do I call Macy’s or the collection agency?
Also if I go through the collection agency how would I go about removing the negative Macy’s account? Same goes for Walmart, although portfolio is reporting to the Bureaus so I would pay them and then ideally like for Walmart to remove as well.

On the question of the Macy's account sent to collections, it may largely depend on wheather Macy's sold the debt to the CA or hires the CA to handle collections for them. That would determine wheather or not you can deal directly with Macy's anymore. Removal of accurately reported account info is usually only possible with a PFD agreement or goodwill removal using the saturation technique. If in fact, Macy's has sold the debt to the CA, a PFD to remove the Macy's data might not be possible.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 24 of 43
Remedios
Credit Mentor

Re: Where do I begin??


@Anonymous wrote:
Ok next question. My Macy’s account it has been sent to collections but that collections account is not reporting to any bureaus. Do I call Macy’s or the collection agency?
Also if I go through the collection agency how would I go about removing the negative Macy’s account? Same goes for Walmart, although portfolio is reporting to the Bureaus so I would pay them and then ideally like for Walmart to remove as well.

I dont know if Macy's would recall the collection. Because of the age, most likely not. You would negotiate directly with collection agency. 

Original tradelines do not get removed  Smiley Sad (in general)

The fact that it's not reporting is a good thing for you. Make arrangements before it does. 

 

Portfolio will remove, but again, original tradeline ( charge off) will stay till it falls off. 

 

"Falling off" happens at around 7 years from DOFD . That's usualy when first 30 day late happened

 

It would be a good idea to get copies of your free annual credit report. It's the most accurate and the only report that will allow you to see dates of first delinquency. https://www.annualcreditreport.com/index.action

 

Just in case you need it, here's a link to a thread that lists common abbreviations used on myFICO: http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

Message 25 of 43
Remedios
Credit Mentor

Re: Where do I begin??

Time stamps on our posts Smiley LOL

Message 26 of 43
sarge12
Senior Contributor

Re: Where do I begin??


@gdale6 wrote:

@Anonymous wrote:
Ok next question. My Macy’s account it has been sent to collections but that collections account is not reporting to any bureaus. Do I call Macy’s or the collection agency?
Also if I go through the collection agency how would I go about removing the negative Macy’s account? Same goes for Walmart, although portfolio is reporting to the Bureaus so I would pay them and then ideally like for Walmart to remove as well.

Macys isnt going to remove their TL, OCs rarely do unless there is an error on their part. Since the CA is not reporting I suggest cutting a deal to pay them in exchange for it not reporting. Portfolio has a policy to remove their entry 2 years post DoFD so that one will eventually come off it it has yet to pass the 2 year mark from the time Synch COed the account.


It might even be possible to negotiate a payment that is lower than the original debt if the debt was in fact sold to the CA. Thes CA's often buy these debts for pennies on the dollar, and can turn a profit settling for less than the original amount, and even sometimes offer that option without the debtor even asking for that. 

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 27 of 43
Anonymous
Not applicable

Re: Where do I begin??

If OC’s don’t remove their TL how does my credit recover? Just by making on time payments with my current creditors?
Message 28 of 43
Anonymous
Not applicable

Re: Where do I begin??

I forgot to put my scores in the post with all my debt. I use experian for all 3 reports and my scores. I’m assuming because it’s from experian directly these are accurate. Equifax and experian I have a 620 and TransUnion is. 587.
Message 29 of 43
Remedios
Credit Mentor

Re: Where do I begin??

Your scores start recovering once negatives stop reporting which happens after they are paid/settled
Message 30 of 43
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