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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...
@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.
@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.
@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 (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
Time stamps on our posts
@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.