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Hey folks,
After calling Portfolio Recovery Associates to try and settle about a month ago, I recently received a letter from them stating:
In a response to a recent communication with our office regarding the above account, please be aware that you have the right to request substantiation of the debt......
Why are they sending this after my call with them, and what exactly does this mean? I never received such a letter from my other CA's.
Thanks in advance.!
@EW800 wrote:
@Anonymous wrote:I work as a negotiator for a law firm whose primary function is debt settlement. Settling is a great idea. a lot of these creditors have set parameters (when the accounts charge off at 180 days). Settling with fico 9 is much better. Under fico 9, accounts reporting as "Settled in full for less than the balance owed" are all but overlooked in the scoring model so your credit will heal much more quickly
Parameters:
Discover Pre Charge-off - 40% in a lump sum
Discover Post Charge-off - 70% with as many payments as you want - minimum for each payment is $5
Capital One - 50% in up to 24 payments
Bank of America - 40% in up to 12 payments
If youd like i can give you the phone numbers and a good contact at each of these creditors to settle your debt.
Good luck and congrats on rebuilding
jjnes:
What you mentioned in regard to FICO 9 sure appears to be evident in my case. My FICO 9 scores are about 40-50 points higher than my FICO 8 scores. I have a settled $0 balance CC card.
Would you or anyone else have any idea if FICO 9 also looks at foreclosures similarly? I have a foreclosure from the same time frame (about 4 years ago) that is showing as $0 balance. With my FICO 9 scores being in the 790 to 795 range, I have wondered if that scoring model is pretty much overlooking the foreclosure as well, or at least not spanking me too hard for it. I've been shocked that my FICO 9 scores are that high with a foreclosure still on record. Any ideas?
Thanks!
IMHO, FICO 9 scores are completely irrelevant, much like Vantage scores, because NOBODY is using it. Five years from now that may not be the case, but we have to live in "the now", unfortunately.