First Premier Charge Off Experience

[Davidngo]

So I have a CO account with FP Bank.  When I originally called them, the representative said that Pinnacle Financial is handling the account and that I could pay through them.

I just got off the phone with a number I got from this board directly to their collections department.

They said that they own the debt and just hire outside CA’s to collect on their behalf.  She said I could pay the balance and she would update the CRA with Charge Off-Paid in Full and then also offered to open another account with them.

I asked if this is something they could delete, she said no. 

So just and FYI, if you have a FP Bank CO, go directly to them before the CA starts reporting and pay the balance off.  The amount is actually still factored into my utilization and using the FAKO Score Simulator, it shows that I could possible increase my score by 10-15 points by just paying this off.

The damage has already been done with the CO, but paying your it off will decrease your utilization and can possibly increase your score.

[Unoriginalnj]

If you happen to have this persons contact information could you forward it to me? In a few months I will be doing the same thing.

[injustifiiable]

Well, CA's for these will never report, since FPB won't sell the debt. Thank god for that at least.

[luckelle]

i which that were true FPB sold mine in 2010 it will fall of on 2/2013

[Davidngo]

Just for giggles, I called them again, and the generic customer representative again said that they will not take the payment as pinnacle financial is taking care of this.  I then mentioned that I spoke with a collection agent from First Premier and she put me on hold again, and then forwarded me over to the collections department.

The CO balance was 464.00, but they actually only wanted 400.00 with an update to the CRA "Charge Off - Paid in Full".  Again, since this amount is being calculated in my utilization, it makes sense to just pay it off and increase the score a bit.  At least the CO is paid for and with time, the account will fall off.

They even said, make the payment now and we can send a "Paid in Full Letter".  I told them I would call them tommorow to make the payment as that is when I get paid.

[RobertEG]

Just a point of caution/clarification.....

There is no such thing as a current status of "Paid in full."  Any debt that is satisified, regardless of whether paid in full or settled for less, has a current status of "Paid."

When a debt is satisfied, an additional Special Comment of "paid for less than the full amount" can be reported.  A current status of Paid in combination with a Special Comment of paid for less = notification in your CR that the debt was not paid in full, but is satisfied.

Current status of Paid with the absence of a "paid for less" special comment reads the same as a paid in full.

If they tell you that they are reporting "paid in full," they are implying that they wont report the Special Comment.

If you want to nail it down, get specific agreement that they wont report a paid for less Special Comment, and it will appear the same as a "paid in full."

[Davidngo]

Thanks for the advice...I will update everyone when I get this done and over with

[luckelle]

yea please update us