Federal Collection Corp - my primary baddie

[JM-AM]

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@700orbust wrote:

pulling them now...

I noticed that the balance continues to increase by a few dollars every month...I thought they couldn't do that? Anyway, here's what they say the account is scheduled to be on record until:

TU : 6/11

EX: 4/11

EQ: Not quite as clear:

FEDERAL CREDIT CORP

PO Box 599
Colleyville, TX-760340599
(888) 507-5070

Account Number:	NTELOS CO-XXXXXXXXX	Current Status:
Account Owner:	Individual Account.	High Credit:	$237
Type of Account :	Open	Credit Limit:
Term Duration:		Terms Frequency:
Date Opened:	06/2010	Balance:	$325
Date Reported:	12/2010	Amount Past Due:	$325
Date of Last Payment:		Actual Payment Amount:
Scheduled Payment Amount:		Date of Last Activity:	N/A
Date Major Delinquency First Reported:	07/2010	Months Reviewed:	5
Creditor Classification:	Financial	Activity Description:	N/A
Charge Off Amount:		Deferred Payment Start Date:
Balloon Payment Amount:		Balloon Payment Date:
Date Closed:		Type of Loan:	Factoring Company Account (debt buyer)
Date of First Delinquency:	07/2004

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That is the DOFD.

IME EX usually removes first and then EQ and TU follow up with-in a month or two for removal. Of course YMMV like anything else but it seems this will be off your reports by the middle of the year.

[700orbust]

So if I do nothing, this should be gone by summer? Is that my best (safest) move? If I proceed down the road of DV/PFD, could it likely take about the same amount of time?

Should I be concerned that it reports as a collection on one CRA but as a revolving account on others? 

[700orbust]

Also of note, my EX needs the boost the most. Its a consistent 50 points lower than my other files. I also have a lot of INQ from when I applied for Credit Card Processing with my company late last year. I wish I could have those removed...

[MarineVietVet]

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@700orbust wrote:

So if I do nothing, this should be gone by summer? Is that my best (safest) move? If I proceed down the road of DV/PFD, could it likely take about the same amount of time?

Should I be concerned that it reports as a collection on one CRA but as a revolving account on others? 

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Collections generally stay for 7-7.5 years from the DoFD. But remember that collection efforts can continue in theory forever even after the CRTP (Credit Reporting Time Period) expires.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[JM-AM]

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@700orbust wrote:

So if I do nothing, this should be gone by summer? Is that my best (safest) move? If I proceed down the road of DV/PFD, could it likely take about the same amount of time?

Should I be concerned that it reports as a collection on one CRA but as a revolving account on others? 

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I agree with marinevietvet that it could stay for 7-7.5 years from DOFD on your reports and they can try and collect forever. I haven't seen very many accounts stay the entire 7.5 years, IME they were removed in 7 years and in some cases sooner. YMMV

With that being said and the debt being old I wouldn't see a reason for the collection agency not to accept a PFD at this point as it will be coming off shortly anyway. The debt isn't very big and some times it is just best to get rid of it then to risk the possibility of it haunting you down the road. This is just my opinion. 

[700orbust]

I just want to make sure that if all else fails, the collection will still fall off as scheduled. I don't want to mess that up by starting correspondence. But I admit I'll pay $325 to have it gone tomorrow.

[MarineVietVet]

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@700orbust wrote:
I just want to make sure that if all else fails, the collection will still fall off as scheduled. I don't want to mess that up by starting correspondence. But I admit I'll pay $325 to have it gone tomorrow.

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Nothing you do (or fail to do) can change the CRTP.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[700orbust]

Ok, I'm sending a DV letter, even though we aren't replying within 30 days to a written notice, is that correct? Thanks all for your help.

[700orbust]

Also, what information do I need to include in my letter? Acct number, other identifiable information? Should I use my PO Box for return address? 

[700orbust]

In the interest of time...is DV even worth doing right now? Or should I just ask PFD now?