Help with debt collector

[Anonymous]

Hello! I am very new to the forums. I've read a few threads, trying to inform myself of how to repair my husband's and my credit. If anyone has a new list of the abbreviations, that would be so helpful. The link in the pinned post is broken.

I just sent a PFD letter to a debt collector that had reported a debt from T-Mobile debt to be in collections. But when I checked my mail today, there was a new agency contacting us about the T-Mobile debt. I called them (they sent a settlement offer of $50 off) and I wanted to see if they would be able to do a delete but he said they don't delete because they just report back to T-Mobile if it is paid. He said that since their company has been contacted to collect the debt, the other account should drop off. This company first got the debt 6 days ago, how long should it take for that to drop off?

Finally, is that true that if I pay this before the new debt agency reports it to the CRAs, it won't pop up on my CR? I don't mind paying the settlement offer as long as all the reports from my credit go away!

Also, hello nice to meet you all, I'm sure I will have many more questions because I was so naive (aka stupid) when I was 18-24..

Thanks in advance

[Anonymous]

Hello Kyrii and welcome to the forums! I, myself, am very new here but have found this place to be an incredible resource for rebuilding my credit. As my appreciation for what I've already learned from here, I try to give back whenever I can. This happens to be one of those times.

Here is the link to the abbreviations. I just tested it myself and it works fine.
http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458

Regarding the collection you are dealing with, it's not uncommon for different CA's to buy the debt. Now that it's in the hands of the new company, even if it's not reported, it will be eventually. By paying it off it will still be reported, more often than not, but it will be reported as paid.

When it comes to the PFD letters, from what I can tell and have learned from this forum, it's best to pay the balance in full rather than agreeing to pay a settlement offer. Not all agencies will agree to a PFD. If they don't agree to it then you should try to pay the debt (in full) and then send a GW letter.

The one thing to keep in mind is that a PFD and/or a GW is not guaranteed to work! There is a chance that the debt will remain on your report until it falls off. However, if you don't get anywhere with either option you can go up the chain until you find someone higher up that will do what you want. For example, I am currently dealing with a small AFNI collection. The forums state that AFNI does not do PFD and that they will not honor a GW letter either when you contact the general support staff. However, by emailing executives higher up (even the CEO), many people have had success with a GW letter. I am in the process of doing exactly that.

Welcome to the forums and be sure to scour the posts for any and all information! You will find a plethora of helpful information around here and with the right strategy, dedication, and responsibility you will certainly be able to improve your credit and eventually get your scores up!

EDIT: I am new to the forums and just learning as well. I tried my best to provide accurate information from what I've learned on the forums but please make sure to verify everything I said before doing it! Senior members (and those with more knowledge than I) please correct me if I am wrong about anything! I am only trying to give back to the community that has helped me so much in such a short time. Please do not rip me to shreds if anything I said is incorrect. Just point it out and educate me so that I can make the correction(s). Thank you!

[RobertEG]

CRA policy, as clearly stated in their joint credit reporting manual, the "Credit Reporting Resource Guide," instructs a debt collector to delete their reported collection if their collection authority is terminated with the debt remaining unpaid.  That CRA policy is intended to prevent the future inclusion of multiple collections on the same debt.

Once you have a dunning notice from a second debt collector, send a dispute with a copy of the dunning notice to the CRA and request deletion of the prior reported collection.

The second debt collector can report their collection at any time after they have received collection authority.

While they normally will not report after the debt is paid, they are not precluded from doing so.

If you wish to ensure that they will not report, you shuld first make them a pay for not reporting offer, and obtain at least they oral agreement not to report if you pay by a certain date.

[Anonymous]

I had a similar problem with an old Time Warner account.....   $50 collection ...    with Cavalry Portfolio....     I called up Time Warner and paid them directly and filed a BBB complaint stating I never got received letters or was ever contacted by the CA and that the bill had been paid....   They removed the collection..     Since you already contacted them not sure how it would work out for you but it's worth a shot..

Good Luck

[Anonymous]

Thank you all for your responses! I'm going to try calling the OC tomorrow and see if I can settle the debt with them and have them release my account from the CA, even if it means PIF!