PFD - How much to offer?

[mompreneur1]

Anyone have any idea of how much to offer on a PFD? I am dealing with collections that are for the most part <$500 and out of SOL. I've heard anywhere from 25% to PIF. Anyone have any experiences as to what actually works? Does it just depend on the CA?

[SoulMaster]

I'd offer about $3.50.  Make sure they aren't the loch-ness monster, though, or they'll keep bothering you for more money.

Seriously, though, if it's out of the SOL, it's got to be close to falling off, so really I wouldn't pay them anything!   Send them a DV and see if they can come back with anything real.

-SM

[Anonymous]

Do you know when the fall off date is?  If it's this year I'd DV them first (which got me a few deletions).  If it comes back verified, offer 30% first and them go from there.  I wouldn't do more than 50%.

[mompreneur1]

Thank you for your replies. I should've mentioned DH and I are trying to purchase a home by the summer. Because of this, we've chosen to offer a PFD initially in an attempt to quickly get rid of the CAs reporting.

Honestly, I know I had an old account that the CA is reporting on. However, the dates don't match up. The CA reports the account as opened on 8/11--but the account was actually opened back in 03' and closed around 05'-06'. I am not sure of the fall off date because there is no DOFD reported. The reoprt I have is the one pulled by the lender. Any idea as to how I can determine the fall this? I'm sure it has to be soon unless the CA has redated and is reporting incorrectly.

[mompreneur1]

***Correction: Any idea as to how I can determine the fall this?

[Anonymous]

---

@mompreneur1 wrote:

***Correction: Any idea as to how I can determine the fall this?

---

It should be on your credit report.  EX and TU both will list the estimated date of removal.  EQ will list the Date of First Delinquency, and removal should be within 7.5 years of that date.

If you don't have these, that means you got your credit report from a 3rd party, like a CMS.  If that is the case, get it straight from the bureaus, either by buying it on their website or through your free annual credit report at annualcreditreport.com

[mompreneur1]

Looks like I have a 3rd party CR. I will look into purchasing one. Thanks for clearing this up for me.