I'm new to the forums as of yesterday. I've already learned a ton! Thank you for everyone who contributes all of the useful information!
One question. What is the problem with calling a CA to get a PFD agreement? I've read here that it should all be done via mail, but I'll be honest, I'm an instant gratification person. I would like to get things done as soon as possible.
That said, I called a couple of the CAs that were listed on my CR with debt owed to them. I simply asked to speak with a manager or the compliance department. Each time I was successful in getting to a helpful person. I let them know that I was combing through my credit report and noticed that I had this trade line and was completely clueless as to what it was for. I then stated that my main goal is to clear up my credit report quicky, rather than trying to hash things out for months on end. I simply asked them, "I'm not sure that these debts are completely legitimate, but if they were willing to remove the trade line from my credit card, I'd be willing to pay in full or a percentage amount." 4 of the 5 said that they would be willing to do so. One I owed nearly 3k from about 4 collections. I told them that I couldnt possilby pay the entire amount at once, but would be willing to take care of one bill at a time. She then stated that she would substantially reduce the amount if I could do it all at once. I then reconfirmed that the trade line would be deleted, rather than just show as "Paid" or "Settled". She said yes. I told her that I would fax her over the PFD agreement. (which I found on these forums.) Shortly after I faxed it, I received a signed fax back. She stated that she would remove it from my credit report and records immediately, but it may take up to 30 days to reflect on my report.
The 5th that I called went even better! Again, all I was trying to do was negotiate a PFD, once again, I stated that I had no idea what it was, and she asked me if my last name was "Blah", I said, no. She had my first name correct, but the last name was WAY off. I then asked, "why would it have my last name as "Blah"," and she didnt know. She quickly said, I'm not sure why this is showing up on your credit report, and stated that they didnt even have my social security number, so she wasnt sure how it got on my credit report. She said she would have it removed and would fax me a letter immediately stating that they have done this. 10 minutes later, I received a fax appologizing to me and stating that it is being removed from all three CRAs.
Maybe I just had some really good luck, or is there something that I'm not aware of? Seemed to work with more success than the stories of people sending in letters. I am a salesperson by trade and am used to negotiating and dealing with unpleasant people, which may have something to do with this. Either way, as for now, I'm extremely happy, unless someone here tells me that what I've done may adversely affect my CR.
Ok, sorry, one last question, will removing 5 CA lines help my credit score substantially? If so, how long will this generally take?
Re: Calling to get PFD done. What's wrong with it?
WELCOME!!!...It's not set in stone..to no contact CA's by phone...the main thing is being able to get the agreement in writing...some people call...and take the CA's word...and they end up getting screwed in the end...but as long as you are getting the deletion letters...your doing GREAT!!!...and no one can really saw what kind of increase you might see...it depends on age...etc...I had a recent collection from Jan..removed last month...and got almost +50 on all reports...also depends on the number of other collection...CONGRATS!!!...and GOOD LUCK!!!