New Member
Posts: 2
Registered: ‎02-22-2009

PIF with PFD questions...

DH has two accounts charged off as bad debt. The debt has not been sold to JDB or CA. So I'm assuming that the OC's Citibank and Chase still own the debt.  Details are as follows:


Citibank - $16,521 Charged off as bad debt DOLA 6/08 date closed 2/08

Chase - $7,631 Charged off as bad debt DOLA 10/07 date closed 10/07


We have the ability to save the money and PIF in approx.  June or July 2009.  What are the best steps in going about this process.  PIF for a possible PFD?  We've also considered trying to settle the account for less than amount? I know a PFD would be the absolute best but I'm not sure how a PIF vs. a settled charge off would show up on his CR....  Any suggestions or pointers would be greatly appreciated.




DH Fico Score as of 2/22/09 TU- 529 EQ-519


Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007

Re: PIF with PFD questions...

Once you have 100% of the balance owed saved, then offer a PFD for either PIF or a settlement. That is totally up to you. The higher you offer the more likely they will accept. If they accept, you'd pay it all, and they will delete.

Keep an eye on your avg. age. If these are your oldest accounts, it may be beneficial not to have it deleted, but to offer a modified PFD to delete only the lates, baddies, CO reference, etc.

If a PFD is not available and you PIF, the CR will simply say paid CO. It'll really ding your score, but that event has already occurred, so it can't get any worse. If you settle without a PFD, FICO still reads it as a CO, so no improvement.

Valued Member
Posts: 30
Registered: ‎02-22-2009

Re: PIF with PFD questions...

Thanks, this helps... We will try to PIF for a PFD.  Wish me luck!

Valued Contributor
Posts: 1,320
Registered: ‎04-18-2009

Re: PIF with PFD questions...

I'm curious...did your PIF for a delete work?

Starting Score: 682 EQ, 663 TU
Current Score: 687 EQ - 705 TU on 7/18/10
Goal Score: 700 + both EQ and TU

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Mega Contributor
Posts: 18,529
Registered: ‎03-19-2007

Re: PIF with PFD questions...

If you are considering a PFD request, the time to do it is before it goes into collection.

Securing a PFD agreement with an OC is much more meaningful than a PFD agreement with a CA.  If the OC agrees to delete, then the entire account is gone, and the credit report is cleared.

However, a CA cannot agree to delete an OC account.  They can only delete the separate collection account that they have posted to your CR.  The original derogs with the OC will still remain under the OC account postings.


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