Credit Card Center Advertiser Disclosure

New Member
Posts: 16
Registered: ‎01-22-2013
0 Kudos

Cortrust Card/Pinnacle Collections

I received a collection letter from Pinnacle Financial Group. I had stopped paying Cortrust card when my husband was out of work because we needed the money elsewhere. After checking out the credit report, right now it looks like it is just listed as a Charge Off. Pinnacle isn't on there yet. What is the best way to take care of this? I would love to have this not go on my credit report. My credit really got hurt when he was out of work. Can Pinnacle remove the payments to Cortrust? Thanks so much,
Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
0 Kudos

Re: Cortrust Card/Pinnacle Collections

Ask them for documents supporting their claim.
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Senior Contributor
Posts: 3,070
Registered: ‎11-02-2009
0 Kudos

Re: Cortrust Card/Pinnacle Collections

You need to post this in the rebuilding forum where people have a lot more experience dealing with collections.


In general, there's not much you can do to prevent them from reporting.  You can try to negotiate an agreement with them where you will pay if they agree not to report or to delete if they have reported, but they don't have to agree.  A couple things you want to figure out first.  When did the account go delinquent?  That will be important both for understanding whether you are inside your state's statute of limitations, in which case they could sue you, and for understanding how long the collection would remain on your report if it were reported.  A collection stays on your report for 7.5 years from date of first delinquency.


You want to know whether your are inside statute of limitations (SOL) because while you are inside SOL, negotiating with the collector is a lot more tricky.  They can file suit and get a judgment, so you can't take quite as hard a stance with them.  If you are outside SOL, then you have more leverage in negotiating a settlement.


If you call and speak with the CA, they will often tell you that they will not report so long as you pay.  Some CAs hold to that, but others don't.  There's nothing that prevents them from reporting the collection as a paid collection after it is paid, unless you have a written agreement in place that you can enforce.  On the other hand, if you press the issue too hard and the CA thinks you aren't going to pay, they may decide that they want/need to report as a tool to help them collect.  So you really are stuck in a bit of a difficult position.  You have to decide whether you want to pay them without an agreement and trust that they won't report, or try to negotiate an agreement not to report and hope that that negotiation won't cause them to report. 


As part of weighing those risks, you should understand how long it will remain on your report if they do elect to report (which is why you need to know the DOFD as discussed above).  All that said, if it were me, I would try to negotiate an agreement with them that they will not report if I paid in full.  I'd send them a letter stating that without acknowleding the validity of the debt, I am willing to settle for payment in full provided they agree to keep the terms of the settlement confidential including that they will not report the debt to any credit reporting agency, and that if they have reported the debt to any credit reporting agency, they will delete that information.  If they accept, have an authorized agent sign and return the agreement and I will deliver certified funds in the amount of XXX within 5 business days.  Something like that. 


The reason I would do it this way is that while you may cause them to report when they otherwise wouldn't, you still have some leverage because they haven't been paid yet.  So you can then still try to negotiate a standard pay for delete arrangement (search PFD and you will find lots of info).  Whereas if you pay them without anything in writing, and they later report, you have nothing to try to negotiate with them to then delete.  You'd be relying on a GW (goodwill) deletion in that event, and those are a lot harder to accomplish.


You might also try searching for information about this specific CA before deciding what to do.  For example, if people report that this CA never reports if you PIF before it hits your report, or if people report that this CA never accepts PFDs, that would change the strategy.

Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720

Take the FICO Fitness Challenge
Moderator Emeritus
Posts: 32,865
Registered: ‎08-04-2007
0 Kudos

Re: Cortrust Card/Pinnacle Collections

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.