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I recently checked my report on CreditKarma and found an account that has gone into collections. It is a 4 year old Cap One account that was sold to Portfolio RC. I have not gotten any mail from these guys. The account is only for $513 and I am NOT disputing that I owe this. I am just not sure the best way of going about paying this off and getting it removed from my credit report. I am very inexperieced with this sort of thing and any help/tips would be greatly appreciated.
Thank You!
@runningriot wrote:I recently checked my report on CreditKarma and found an account that has gone into collections. It is a 4 year old Cap One account that was sold to Portfolio RC. I have not gotten any mail from these guys. The account is only for $513 and I am NOT disputing that I owe this. I am just not sure the best way of going about paying this off and getting it removed from my credit report. I am very inexperieced with this sort of thing and any help/tips would be greatly appreciated.
Thank You!
First thing you want to do is verify if its still within your states SOL or not. If its outside the SOL then you start with a DV to the CA. If its still inside the SOL I would just call Cap-1 ask them to recall the CA and PIF.
NH is 3 years. So I guess I start with a DV to the CA? Should this be sent postage, email or, both?
and second of all, dont fully trust CreditKarma. On my CreditKarma, it shows that I have 2 accounts in Collection but when I check my 3 reports here, I dont see any collection on any of the report. You might want to pull your reports from other sources...
A DV may not, in my opinion, be the way to go.
A DV, if timely (meaning sent either without having received a formal collection (dunning) notice, or within 30 days of receipt of dunning notice) has the effect of imposing an automatic cease collection bar on the debt collector. That bar remains in effect until they have first sent the requested validation of the debt.
There is no set period in which debt validation must be provided, so until they choose to validate, they cannot conduct any collection activities, which includes negotiation on any settlement of the debt.
You are thus in limbo if and until they choose to respond.
The primary purpose of a DV is to obtain more information regarding a debt if needed to confirm its legitimacy.
If you dont contest the debt and are looking for ways to pay, such as offerting a pay for deletion of their reporting, you cannot do so while the cease collection bar remains in effect.
I would most likely forgo a DV and send a pay for deletion (PFD) offer to them, which if accepted, will both satisfy the debt and remove it from scoring.
The SOL status is not that important if you are willing to pay the debt, as if they do bring legal action, you can always, prior to trial, simply pay in full.
Would anyone else reccommend sending a PFD over a DV?
Also - would you recommend sending the PFD via email or postage?