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PRA pay before reporting?

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GA8080
Contributor

PRA pay before reporting?

I have a Cap 1 charge off that I was just about to pay, when I received a letter from them saying they sold the debt to Portfolio recovery. Crap, I was about a week too late. I have not received any correspondence from Portfolio yet and the debt is not on my credit report yet. Suggestions on how I should proceed to try to keep this from reporting as a collection? Has anyone had any experience asking PRA to not report the collection in exchange for payment? Could I offer to settle for less or is that too risky and I should try to PIF? Would my best bet be to email an executive, call, send a letter? Any guidance would be greatly appreciated!
Message 1 of 4
3 REPLIES 3
gdale6
Moderator Emeritus

Re: PRA pay before reporting?

I would give PRA a call and offer to PIF for not reporting it. Most CAs will give you 30 days to do so from their initial contact letter.

Message 2 of 4
GA8080
Contributor

Re: PRA pay before reporting?

If I call, should I just take their word for it? Would asking for it in writing lower my chances of success?
Message 3 of 4
gdale6
Moderator Emeritus

Re: PRA pay before reporting?


@GA8080 wrote:
If I call, should I just take their word for it? Would asking for it in writing lower my chances of success?

If they have just received the collection they are going to be sending you a letter. I would get it in writing that is the gold standard and I dont think its going to be a problem in the initial stage of a collection.

Message 4 of 4
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