cancel
Showing results for 
Search instead for 
Did you mean: 

PFD Letter for OC

tag
stevenjcastro
Member

PFD Letter for OC

So what do you guys think if this letter I wrote up after grabbing some examples from others here in the forums? No sure if this is smart to send to a OC when the 7 year limit is co. ming up this year, 10/2014. Howeverm I am trying to refiance my car or possible trade in/out and want to get really good rates. I have been rebuilding my credit all year and have had things get taken care of and deleted as well. So just trying to finish up with a couple of more charge off's from 2007 that I had. What do you guys think? Maybe any editing advice if any? Also, when sending in a letter like this, does this re-start any clock on the 7 year rule or anything. The DOFD is 10/2007. Here is my letter below:

 

 

July 11, 2014

 

Security Finance-Continental Credit

PO BOX 3146

Spartanburg, SC 29304

1-866-281-7043

 

Re: Offer of Settlement on Account # *****

Amount: $190.00

 

Dear Madam or Sir:

 

This letter is an offer to amicably settle the above account for both parties.  In the spirit of compromise I am willing to settle this account in the amount of $20 provided you agree to deletion of this account from any and all credit reporting agencies (eg. Equifax, Experian and TransUnion).  The settlement is a win-win; your company profits and the item is removed from my credit files.

 

Please acknowledge this letter and the above on your company letterhead and have it signed by your agency's authorized signatory with the terms below. Upon receipt of this signed acknowledgment, I will send you a money order, certified cashier’s check, or pay-by-phone with a credit card as offered for $20 within 10 days. Considering your work load, I am extending this offer for 20 days, after which consider it withdrawn.  Lack of acknowledgement will be considered an impass, deadlocking any gain from your company. We are both aware of the date of first delinquency being in 10/2007 and that the date for the 7 year limit for this account being reported is coming upon us in the next coming months. After this time, all is lost on your end.

 

Terms of Settlement:  Creditor agrees to delete and remove all information regarding account #**** from all credit reporting agencies within ten calendar (10) days following receipt of agreed payment of $20.  Creditor  will not attest to the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, creditor  will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.  This letter shall constitute a legally binding contract, enforceable under the laws of my state.

 

Please address all correspondence regarding this opportunity to:

 

Me

123 Any Street

City, State Zip

 

After payment and provided reporting time mentioned above I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act. I look forward to resolving this matter in the best interest for both of our parties.



Regards,


SIgned Name

 

Print Name

 

This letter is not to be construed as an acknowledgment of my liability for this debt in any form and the validity of this debt is disputed, as the original defaulted debt amount is different from your reported records.

 


Starting Score: 550
Current Score: 575
Goal Score: 725


Take the myFICO Fitness Challenge
Message 1 of 4
3 REPLIES 3
pisspoorcredit
New Contributor

Re: PFD Letter for OC

d*mn...Well put. I'd go for it...bc your right. Ball is really in your corner. SOL is almost up and I'm sure theyd want to pocket SOMETHING...I would have even did $80...makes it more enticing for them to accept the offer.

Starting Score: 503
Current Score: 510
Goal Score: 700


Take the myFICO Fitness Challenge
Message 2 of 4
Amleigh
Regular Contributor

Re: PFD Letter for OC

Great letter! I like how you focused on how it would be to THEIR benefit to take the deal! Smiley Happy
 
Starting Score: 467 EQ 514 TU 583 EX
Current Score: 531 EQ 567 TU 601 EX
Goal Score: EQ 742 TU 742 EX 742


Take the myFICO Fitness Challenge
Message 3 of 4
RobertEG
Legendary Contributor

Re: PFD Letter for OC

Devil's advocate comments....

 

The statement that after exclusion from your credit report, "all is lost on your end" is a bit extreme.

You still owe the debt, and they can continue legitimate efforts to collect.

If asked fór disclosure of any unpaid, delinquent debt in a credit app, you would still be required to disclose the debt.

 

They know that some old debt may still be paid if/when a consumer apps, for example, for a mortgage, and the lendor requires payment of any unpaid debt.

 

I am also unsure as to why you would place a time limit on your own offer.  The benefit you seek would apparently still exist up to time of ultimate CR exclusion.

The max credit report exclusion date could be as late as 4/2015 (7 years plus 180 days from 10/2007).

 

Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.