What should I do about collections?

Dealing with collections First off when you’re dealing with collections, you’ve got to get everyone of them off or you’re gonna still hurting decent. You need pull all 3 reports from annualcreditreport.com to determine the DOFD for every one of them. That tells you when they have to come off of your report, seven years from DOFD. If they’re about to fall off you can worry less about them. If they’re still going to be on there for a while and you’ve got a deal with them, you need to determine whether they’re owned by the original creditor or by the debt collector who has purchased it. If they’re owned by the original creditor (a balance on an accompanying chargeoff would be a clue, if you’re unlucky enough to have one), have the original creditor recall them on agreement that you will pay them after they recall it and do so. This will cause those to be removed. The ones that are owned by the debt collector, you have to arrange a PFD as we call it (pay for delete) or pay for removal as some call it since they want to avoid the deletion word because people get them in trouble by telling on them for deleting them!! Don’t be one of those people! I had a guy here on Reddit just the other day, as soon as he gets it in writing from a debt collector that they’re gonna delete it, you know what he does? He mails it to the bureaus!!!! The SAME people the debt collector has an agreement with that they will NOT do PFD’s!! The same people who they have to keep a relationship with in order to keep their doors open and have a business and make money and pay the bills. So if you were them and somebody just screwed you over like that, would you do another PFD? So don’t be that person. All you’re doing is making it worse for people who come behind you. That’s why they won’t put it in writing now, because idiots mail it to the bureau and get their contract canceled. Would you give somebody a letter saying you’re going to do something that would violate your contract with the bureau, if that’s what allowed you to make money and be in business? So now you understand why many of them will not do it. I read it after the fact and I was like wow that’s why so few will do it now. But the point of it is the ones you cannot have recalled, you try to arrange a payment for removal, if you can. If you can’t, thank those idiots that tell on them. You have to have everyone of them either recalled or removed. If you don’t, if even one remains, it will severely hurt your score. Nevertheless the lower the number of collections, the better you look to future creditors so even if you can’t get everyone of them, it will still improve your file. So as far as collections go, if they can be recalled because the original creditor owns it, do it. If the debt collector owns it, arrange a PFD. If the debt collector refuses, then you’re gonna end up having to wait till it falls off, which is seven years from the DOFD. But if you’re going for a mortgage or something, you’ll end up having to pay it anyway because they want to see all collections paid, but if it’s not a mortgage you can get pretty much wait till it falls off. Some mortgage lenders will even give you a mortgage with unpaid collections you have to check with your mortgage lender if that’s what you’re planning. © 2022, MFBirdman7. All rights reserved by Birdman CreditRebels.