Dealing with Collections

[Anonymous]

Hello,

[Anonymous]

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@Anonymous wrote:

Hello,

I have three  CA's, with the latest one due to fall off Jan 2020.

I have read these forums and surfed the net but I am still confused as to how to deal with them. So I have gathered that first i need to send a Debt validation letter and then I I need to send a PFD request to the three CA's? Now, if they accept, great. If they don't...this won't start the 7-year clock again, correct? The three CA's are Second Round, CACH LLC, and Cavalry Port. Read some pretty nasty things about CACH and Cavalry Port. And even if they don't delete from my report, at least my UTI would go down, correct?

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DV is for collection accounts that you do not recognize. If you know the account is legit, its generally not recommended to send them a DV. Collection accounts do not directly affect your UTI, only charged off OC revolving accounts showing a balance may affect your UTI.

[Anonymous]

Oh, I see! So in that case I can contact the original crediotr on the charge-offs and see if they will remove after paying them?

[Anonymous]

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@Anonymous wrote:

Oh, I see! So in that case I can contact the original crediotr on the charge-offs and see if they will remove after paying them?

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Yes, it never hurts to ask.

[Anonymous]

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@Anonymous wrote:

Now, if they accept, great. If they don't...this won't start the 7-year clock again, correct?

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The line will be deleted from credit report 7 years after the initial date of deliquency.  Nothing will reset that.

The only clock that can ever be "reset" is statute of limitations on lawsuit, so make sure you are either paying in full, or reach a settlement in writing you are able to honor.  Because if you pay some but not all they can sue you for the rest and get a judgment which will last 10 years on credit.

Regardless, talking and negotiating are not able to reset any clocks.

[Anonymous]

Generally the CRA's remove judgements at 7 years.