GW? PFD? PIF? Help!

[919Rissa]

So  i have a $2100 collection account.  DOFD is 10/2007. Date first reported was 5/2008. I keep getting letters in the mail. some of them offering 60% settlement. I really want to put it behind me but I'm not too sure exactly what road to take. Any advice for me?? Would be nice to get this monster off my report.

[guiness56]

Does the OC still own the account or has it been sold?

[919Rissa]

I'm assuming its Sold to GACC since they are a debt purchaser

[guiness56]

It would really be beneficial if you knew for sure.  Have you pulled your credit reports?

I am asking because if the OC still owns the account, it can be approached differently than if a CA owns it.

Since it is still within suing SOL you really do not have many options.

Can you afford to pay the entire account in full?

Message Edited by guiness56 on 08-09-2009 10:25 AM

[919Rissa]

I just looked at my report today. I'm almost certain its now owned by the CA.  I cannot afford to pay in full.

[guiness56]

Can you list what the account says, leaving out personal information?

If the CA owns the account you will need to work directly with them.

If the OC still owns the account you could probably pay them.

I would normally suggest a DV to the CA.  Since the account is still within SOL and you can not pay in full, that will not work.

You could take the settlement but make sure you get in writing that the settlement fully settles the account and you will not be financially obligated for the remainder.  This way they can not come after you for the rest.

You can ask for them to delete the account but I honestly do not see them doing that.

If you do settle,  the account will remain on your CR with a "settled" or paid annotation.

Message Edited by guiness56 on 08-09-2009 11:39 AM

[919Rissa]

Account Number: D7392XXXX Current Status: COLLECTION ACCOUNT Account Owner: Individual Account. High Credit: $2,108 Type of Account : Open Credit Limit: $0 Term Duration: Terms Frequency: Date Opened: Balance: $2,108 Date Reported: 01/2009 Amount Past Due: $2,108 Date of Last Payment: Actual Payment Amount: $0 Scheduled Payment Amount: $0 Date of Last Activity: N/A Date Major Delinquency First Reported: 05/2008 Months Reviewed: 8 Creditor Classification: Activity Description: N/A Charge Off Amount: $0 Deferred Payment Start Date: Balloon Payment Amount: $0 Balloon Payment Date: Date Closed: Type of Loan: Factoring Company Account (debt buyer) Date of First Delinquency: 10/2007 Comments: Collection account

[guiness56]

I see the DOFD is Oct 2007 so it is a recent CO.

And it does look like the CA owns the account.

Since you can not PFD I would not send them a DV.  Who is the CA by the way?  I do not see it listed.

I am thinking your best bet would be to settle.  Can you afford to settle?

[919Rissa]

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@guiness56 wrote:

I see the DOFD is Oct 2007 so it is a recent CO.

And it does look like the CA owns the account.

Since you can not PFD I would not send them a DV.  Who is the CA by the way?  I do not see it listed.

I am thinking your best bet would be to settle.  Can you afford to settle?

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The CA is Global Acceptance Credit Company. One recent letter for settlement said they would take my settlement and send me verification that my account is paid in full and notify all CRAs that my debt is satisfied with a zero balance. Can I trust they will keep their word???  If all goes well I should have some funds available soon to settle.

[guiness56]

Once it is paid, the CA is legally obligated to report it as such to the CRAs.

Paying it will not remove it from your report or help your FICO score but you will not need to worry about being sued.