They are not allowed to report late payments or a payment history if no payments have been made. The C is for collection and that is ok. The 120 is not.
Do as suggested and do a direct dispute based on their reporting. They did the exact same thing to me. I filed a complaint with the CFPB and uploaded copies of EX and EQ reports showing payments and a payment history. They denied wrongdoing, but agreed to close the account and delete the trade line.
This wasn't a joint account.
Anyway, I wanted to thank everyone for their input! I really, really, really appreciate it =)
So since I don't want this to come back later and haunt me, I'm thinking I will do a pfd along with stating that information reported is incorrect, unverified and violating FCRA.
I see that Portfolio Recovery is reporting inaccurate information on my credit report to include reporting late payments and a payment history. As you may know, doing so is a violation of FCRA regulations. The information Portfolio Recovery has also not been validated so it should not be reported. Even though the debt referenced is not mine, in the spirit of compromise, I'm willing to pay $xx for full payment and settlement to have the tradeline removed from all my credit reports in a timely manner. If Portfolio Recovery would like to remedy this situation amicably and agree to these terms, please contact me by email at xx or mail at xx stating agreement and I will mail payment promptly.
Send them a direct dispute challenging the inaccurate reporting of the monthly payments that you supposedly made but didn't. Use the following sticky to tweak your DD and send to PRA.
I got a paid not to report with them for %50.. Just did a basic letter through mail with delivery confermation.
So 50% of their balance or the original balance with the creditor? Right now, 50% of their balance is what I was going to offer, although, I would like to pay less if possible =)
It was %50 of what the balance had grown too..
OP, you've been given great advice already.
This is very much my opinion, but I wouldn't pay them a dime if they are reporting incorrectly. Do the direct dspute as suggested. If they fail to correct, file a complaint with the CFPB. If that fails, hire an attorney. Many of the consumer attorneys will not charge unless they win, so will cost you nothing out of pocket.
I understand you want it to go away as quickly as possible. If you offer a PFD and they accept, then great. Chances are, they're not going to PFD. Besides that, they're breaking the law reporting inaccurate information. Don't let them get away with it.