How bad is a paid charge off?

[Tuscani]

Paying a collection may improve your scores... just depends. I wouldn't spend the money without PFD.

[Anonymous]

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monro411 wrote:

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MidnightVoice wrote:

However, see:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=17988

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Good info everyone. I can still stop the last payment.  I might just try another PFD letter and then try one with a BK threat.  But I think we are divided by our opinions of if  paying a CO is necessary.  Can more of the super contributors weigh in (no offense)? 

Message Edited by monro411 on 06-29-2007 01:28 PM

Message Edited by monro411 on 06-29-2007 01:29 PM

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Ok  My last payment was successfully stopped.  My goal was to have a PFD and force them to delete.   Before I even received confirmation from my bank that the stop payment was successful, they reported to my credit bureau as Settlement.  Is this worse than a paid charge off?  Should I contact them and inform them that they did not receive their last payment so therefore they will receive it as soon as that account is completely deleted?  Or should I do nothing and wait for them.

[Anonymous]

monro411 wrote:

My goal was to have a PFD and force them to delete.

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they reported to my credit bureau as Settlement.  Is this worse than a paid charge off? 

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Paid CO is probably worse than a settlement, for several reasons. For one, with a settlement, one can try to negotiate a PFD. With a paid CO ya have to rely upon GW.

I would send them a PFD letter. Take a look at Tuscani's, and craft it to fit your situation.

[Anonymous]

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Noah_Bodie wrote:

monro411 wrote:

My goal was to have a PFD and force them to delete.

...

they reported to my credit bureau as Settlement.  Is this worse than a paid charge off? 

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Paid CO is probably worse than a settlement, for several reasons. For one, with a settlement, one can try to negotiate a PFD. With a paid CO ya have to rely upon GW.

I would send them a PFD letter. Take a look at Tuscani's, and craft it to fit your situation.

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I just got off the phone with the supervisor.  He was very persistent with asking me why did I put a stop payment.  I told him that he needs to give me in writing that this account will be deleted and I will pay the balance.  He said that he cant delete the account becasue of the Fair Debt Reporting Act.  He said it states that if he did this for me he would have to do it for everyone else. (Bull$hit) He agreed verbally that he will do a Paid as Agreed on the account.  I asked him why did they report it as a settlement then, he said I need to double check my credit report.  They should not have put it as that.  He said he is not going to send anything in writing.  I told him I will not pay, until I get something in writing.  Then he said he dont care if it is paid or not.  (I think I broke him by not giving in by saying why did you call me then)  He hung up.  Now I am going to send a PFD letter to the CEO of portfolio management if I can locate his information.  Any suggestions?

[Anonymous]

Is this them?

Portfolio Management, LLC
20 NW 4th Street
Suite 507
Evansville, IN 47708
Telephone: (812) 428-3319
Fax: (812) 426-6138

[Anonymous]

Yes it is.  Thank You

[Anonymous]

They have a satisfactory record with the BBB. Could of bigwigs names listed.

http://www.evansville.bbb.org/commonreport.html?compid=7000212

Could not find any Email contact info. They should be responsive to a PFD letter--once the torqued off supervisor has a chance to cool his jets.

Are you also in Indiana? I ask because Portfolio is licensed as a CA in Indiana, so it's likely they are licensed everywhere they have to be and where they collect. But, if not, that's leverage as they might be in violation of state laws.

[Anonymous]

Thanks,

I went on their website and looked under their investor relations tab.  Since they are a publicly traded company,  they had the information on their Senior management.  I also called them back and received contact information on the vice president that is directly over the manager that collected from me.  I will start by sending the VP a letter.  Then I will go higher.  I hope this process goes quickly.  I hope to have a home loan in 4 months.

I did not know that a company had to licensed to collect in my state in order to collect.  I am in Missouri.  I will throw that into conversation if that supervisor contacts me again.

Message Edited by monro411 on 07-13-2007 02:32 PM

[Anonymous]

What's their website address? I'll do some more fishing.

[Anonymous]

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monro411 wrote:

I did not know that a company had to licensed to collect in my state in order to collect.  I am in Missouri.  I will throw that into conversation if that supervisor contacts me again.

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It depends on the state. Lemme check. I'd keep that info to myself, for now, if you talk to them again. And I'd try to keep everything in writing.