@jmack711 wrote:Hi all,
I have a charge off with First Premier with a balance that I would like to take care of. I recently received a letter from the collection agency that now owns the account offering a settlement agreement. If I do indeed take the settlement offer with this update hurt my current score once FP updates their records? I would like to take care of it regardless of the outcome, however I would like to know how much damage can expected to be done. I have gotten NO where with PFD with First Premier. Thanks for your input!
If FP has in fact sold the account they will be showing a 0 balance due with a notation of sold, xfered to a different lender,if the account is currently updating every month there will be no hit to your Fico as the hit has already been taken. If the CA has reported you would arrange the PFD for their entry on your reports and if it has not yet reported I would be making payment arrangements so it doesnt report.
@jmack711 wrote:
@gdale so technically can FP still report a balance if they sold the account? No, would have to report 0 balance. I do want to handle it so the CA doesn't report it. And yes it is being updated every month so I see what you saying about the damage already being done. Thanks!!