Hey CN, this is my 1st post on the forums. I came across this site while looking for secured credit cards in an attempt to rebuild my credit and buy a home this year. I've been reading a lot over the last few weeks, and learned a whole bunch about ways to get my credit report/score in better condition. Now I have some questions and could really use some guidance on how to proceed in fixing my credit. Here's the bad items that's listed on my Experian report: Americredit (Car loan, Paid in Full) 60 days past due as of Feb 2009 30 days past due as of Jan 2009, Nov 2008, Oct 2008 VISA/DEPT STORES NATIONAL BANK (CC, Paid in Full) 60 days past due as of Jan 2009 30 days past due as of Dec 2008, Apr 2008, Jan 2008 NCO FINANCIAL SERVICES/99 (Medical) Collection account. $149 past due as of May 2009 UNITED COLLECT BUR INC (Medical) Collection account. $294 past due as of Dec 2009 CHASE BANK USA (CC, Settled) 120 days past due as of Jan 2009 90 days past due as of Dec 2008 60 days past due as of Nov 2008 30 days past due as of Oct 2008, Sep 2008, Jan 2008 FIFTH THIRD BANK (CC, Charged off 17k) Charge Off as of Jan 2010 180 days past due as of Dec 2009, Nov 2009 150 days past due as of Oct 2009, Mar 2009 120 days past due as of Sep 2009, Feb 2009, Jan 2009 90 days past due as of Aug 2009, Dec 2008 60 days past due as of Jul 2009, Nov 2008 30 days past due as of Jun 2009, Oct 2008 So right now my game plan is this: 1) Call Americredit and Visa/Dept Store Bank to see if I can get a good will removal of those late payments. If I can't get the accounts removed willingly, I'll try to dispute and hope that since the accounts are closed they won't care and the CRA will remove it from my report. 2) Pay off the collections in full, and ask them to remove the collection from my report. Since these are open and relatively new, I can get them to hopefully comply. 3) Dispute the Chase bank charges. I'm assuming a goodwill letter won't work here since the account was settled, so I'm planning to dispute and hope that since it's been a year, it'll drop off pretty easily. 4) This is the tough one, and the one I need the most help on. The accounts been forwarded to Regional Adjustment Bureau and I contacted them over the phone on Monday to see if I can get a settlement done. Still waiting to here back from them. I doubt a GW letter will work, and since the account is new, I don't know what type of leverage I have in getting anything removed from my report. Can I realistically ask them to remove the listing from my report if I only offer them 30-40% of the balance? I could use any suggestions at this point. Any tweaks, recommendations, or help would be greatly appreciated Thanks!
Welcome to the community, and I'm glad to hear you've found this site to be a help as you try to clean up those credit reports. It sounds like you've learned quite a bit already and have developed a good strategy for how to proceed based upon your own personal situation. Negotiate hard (in a polite manner) to get the collections removed for payment in full, and don't give up too easily. They'll likely give you all the excuses in the book for why they legally can't be deleted, but you know better. In regards to the 17K charge-off in January, I would still shoot for a full deletion in return for payment. I mean, who really cares if you still have a "Paid as Agreed" collection or "Settled" account on your reports. They still wreak havoc on your credit score, so it doesn't hurt to at least start out shooting for the absolute best outcome. Don't look too eager to settle because you want to buy a home this year too, or else you'll lose all your negotiating power.
I contacted both collection agencies and tried to negotiate with both of them to get it removed from my report and they both said no go. United said I could pay it off, try to dispute it, but they can't remove it from my report no matter what. NCO said the same thing as United, but also added if I can get a letter from the hospital stating if my account is paid they'll remove it from my report, NCO will then remove it from my report. Since they are both playing hard ball, what's my next course of action? This is my 1st time dealing with collection agencies. Regional Adjustment Bureau haven't called me back yet, in regards to settling the 5/3 credit card. Should I wait and see if I hear from them, or should I call them back? It's been about a week since I contacted them. Thanks EDIT: I contacted RAB again and they agreed to settle for ~45%. Is that good, or should I try to settle for less? Also how do I go about getting a full deletion? I'm assuming I have to go through 5/3 Bank since they are the ones reporting it on my credit report, and not RAB. The last time I called, they wouldn't talk to me about my account, they gave me the CA's number and said to speak with them.
Keep your communication with the CAs in writing, CMRRR, from this point forward and don't give up quite yet on pushing for complete deletions. They always say no at first, so write them this time and request complete deletions again for payment. Also, since it sounds like RAB is collecting on behalf of Fifth Third, you'll have to keep working directly with the CA unless they send your file back. As you mentioned, the OC generally won't even communicate with you if they're not handling the debt. And if you really want a full deletion, you may need to pony up and pay in full. If you decide to settle and aren't able to negotiate full deletion, then you can try convincing them to update your reports as "Paid in Full". As always, you'll want any agreements in writing.
