Rebuilding Your Credit

[montanaman]

I can't make any headway with either of these two. Neither will provide a real verification, both offer "settlements" but will not respond at all to any PFD. They are both listing balances of about $500 which I "could" pay, but would rather either PFD or let it fall off - though both are scheduled to stay on until 2013. I have sent numerous cert letters with no response. When I forwarded all of this on to the CRAs, they sent me the generic letter that they verified and gave me the contact info for the CA. Anyone have Pres or CEO info that I can try?

[BrandonSS]

I tried and tried to get LVNV to do a PFD and they constantly refused.  So instead of paying in full I took their 40% settlement.  

[RobertEG]

In my opinion, your PFD quest should be tempered by your knowledge of your state SOL on this debt.  It is not all just about credit reporting.

If you are willing to now pay in full, but demand their prior acceptance of a PFD before you will pay, that is your gamble.

They never have to accept any PFD offer, and can sue at any time.  Unless you have a valid SOL defense, hold-out may only compound both your financial and credit reporting woes.

If you just PIF without a PFD acceptance, or dont pay, either way, the CA will drop at the same date of 7 1/2 years from the DOFD on the OC account.

Make sure that your hold-out does not put you into court with no SOL defense, and thus a legal judgment against you.

CRA refusal to get involved in your PFD negotiiations is totally proper.  PFD negoatiation is a private contract negotiation, and has nothing to do with credit reporting.

[montanaman]

Thanks all. I should clarify - the CRA's involvement was the fact that the CA won't validate, not that they won't do a PFD.

[beegeez]

I sent a PFD letter to Arrow (I should have sent a GW letter first, but I didn't know what I was doing) for an account I owed $800.  Anyway, they responded a couple weeks later with a letter that read something like..."in light of the information you have provided us regarding this account, Arrow Financial Services will notify the CRA's to delete any history of this account and will stop any further collections".  ???? Go figure.  It didn't make any sense.  I thinking maybe they couldn't validate it?  Who knows, but it just happened recently so I have yet verfied that they did what the letter said they would do.

[montanaman]

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beegeez wrote:

I sent a PFD letter to Arrow (I should have sent a GW letter first, but I didn't know what I was doing) for an account I owed $800.  Anyway, they responded a couple weeks later with a letter that read something like..."in light of the information you have provided us regarding this account, Arrow Financial Services will notify the CRA's to delete any history of this account and will stop any further collections".  ???? Go figure.  It didn't make any sense.  I thinking maybe they couldn't validate it?  Who knows, but it just happened recently so I have yet verfied that they did what the letter said they would do.

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Interesting. Perhaps it's time for me to send them another letter.

[BrandonSS]

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beegeez wrote:

I sent a PFD letter to Arrow (I should have sent a GW letter first, but I didn't know what I was doing) for an account I owed $800.  Anyway, they responded a couple weeks later with a letter that read something like..."in light of the information you have provided us regarding this account, Arrow Financial Services will notify the CRA's to delete any history of this account and will stop any further collections".  ???? Go figure.  It didn't make any sense.  I thinking maybe they couldn't validate it?  Who knows, but it just happened recently so I have yet verfied that they did what the letter said they would do.

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I believe you meant a DV?  Why would you send a good will letter to an open collection that you have not paid?

[beegeez]

You're right...I meant DV.  Sometimes reading these forums is like learning a second language.