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Contributor
sarahcmgreen
Posts: 100
Registered: ‎01-28-2013

Portfolio Recoveries can stuff it!

[ Edited ]

I need help! I have been trying for the last 12 months to really start improving my credit and it's finally starting to see some increases! I finally pushed my bf to check his credit report and score. Not good!

 

The one thing that I see on his credit report is Portfolio Recoveries has an account that was sold to them (I'm assuming) from HSBC. Now, PR is reporting it as an open, factoring account with a past due balance of $508 on TU - It says the worst reported delinquency was 120 days, but there are no dates showing when those delinquencies were. On EQ, it's listed as a CA (as it should be).

 

I don't know where to start with these people - from what I have read, it's not going to be easy. Should I send them DV? We already disputed it with the CRA because we really had no idea what it was until now. The account was already in delinquency before HSBC sold it. But it should NOT be listed as an open account, right?

 

I am ready to fight these people for him but I need some help with where to even start!

 

Thank you so much!!

 

FYI, I edited the Subject post, just to make it a little more family oriented, just a little.

 

Shogun, myFICO moderator


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Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Portfolio Recoveries can stuff it!

[ Edited ]

sarahcmgreen wrote:

I need help! I have been trying for the last 12 months to really start improving my credit and it's finally starting to see some increases! I finally pushed my bf to check his credit report and score. Not good!

 

The one thing that I see on his credit report is Portfolio Recoveries has an account that was sold to them (I'm assuming) from HSBC. Now, PR is reporting it as an open, factoring account with a past due balance of $508 on TU - It says the worst reported delinquency was 120 days, but there are no dates showing when those delinquencies were. On EQ, it's listed as a CA (as it should be).  There is nothing wrong with the way it is reporting on TU.  They can report as a factoring company, it can show the worst delinquency and not show dates. It is Ok for them to report the account as open as it only applies to the collection account and not the OC account.  It is also not referring to an open ended account.

 

I don't know where to start with these people - from what I have read, it's not going to be easy. Should I send them DV? We already disputed it with the CRA because we really had no idea what it was until now. The account was already in delinquency before HSBC sold it. But it should NOT be listed as an open account, right?

 

I am ready to fight these people for him but I need some help with where to even start!

 

Thank you so much!!


 I edited your subject line to match the OP's.  :smileyhappy:

Moderator
Shogun
Posts: 12,902
Registered: ‎04-15-2011

Re: Portfolio Recoveries can stuff it!

+1

 

I have done quite a bit of research and debating on the subject of Factoring Companines.  I don't agree with the method, but what guiness is saying it absolutely correct.  They can report as such, however, this does give them OC reporting abilities that they wouldn't have as a CA, and when they exercise those is when it becomes a problem.

 

I also don't like the ones that do the so called "jack attack" or "1-2 punch", etc against the CAs.  I prefer to do everything straight up and in the right.  Put us on equal terms and let's settle this like adults.  :smileyhappy:  Just my opinion on that one.


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Senior Contributor
fishbjc
Posts: 3,330
Registered: ‎11-30-2007

Re: Portfolio Recoveries can stuff it!

Portfolio is tough, but it is doable.  I have heard of people having success goodwilling away the collection notation AFTER the collection is paid. 

 

I just got rid of them on my husbands, and it did take a while.  They do NOT PFD for any amount of money, lol.  I even offered them 100%, and it was NO GO. 

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Portfolio Recoveries can stuff it!


Shogun wrote:

+1

 

I have done quite a bit of research and debating on the subject of Factoring Companines.  I don't agree with the method, but what guiness is saying it absolutely correct.  They can report as such, however, this does give them OC reporting abilities that they wouldn't have as a CA, and when they exercise those is when it becomes a problem.

 

I also don't like the ones that do the so called "jack attack" or "1-2 punch", etc against the CAs.  I prefer to do everything straight up and in the right.  Put us on equal terms and let's settle this like adults.  :smileyhappy:  Just my opinion on that one.


I agree, that, yes it does give them the OC reporting abilities but, the guidelines specifically state "if you are a CA do not use this area" or something along those lines.  The CA is taking advantage of it but it is still incorrect to do so and incorrect reporting.  So it can be fought.

Contributor
sarahcmgreen
Posts: 100
Registered: ‎01-28-2013

Re: Portfolio Recoveries can stuff it!

Do you know if it affects his score more with them reporting it as a factoring account? It's showing in his credit report as a past due balance, not just as a debt owed (if that makes a difference at all)

 

I am still so new to everything (and learning a TON!! - THANK YOU!!) so I really don't know what my first step should be. We disputed with the credit bureaus, but they said it came back verified. Should we send a DV to the CA instead? Oyyyy!!

 

Is there any way to call them out on the way they are reporting this or should we just try to PFD?


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Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Portfolio Recoveries can stuff it!

Other than being a collection account, if the amount is factored into utilization, it could be hurting more.  CA accounts are never supposed to be factored into utilization nor removed during disputes.  But, it does sometimes happen.

 

A CA is a CA.  They can call themselves whatever they want.  But, when what and how they are reporting is affecting your score, other than the normal ding for a collection, I think it would be time to file complaints.

 

File with the FTC, BBB and your states AG.

Valued Member
jmoney3457
Posts: 68
Registered: ‎10-08-2012

Re: Portfolio Recoveries can stuff it!

Sarah-check your PM.

Contributor
sarahcmgreen
Posts: 100
Registered: ‎01-28-2013

Re: Portfolio Recoveries can stuff it!

Portfolio Recoveries DELETED!!!! After all your amazing advice and help, I filed complaints with FTC and BBB and CFPB - we just got the response back from our BBB complaint! They are deleting the trade line!! I'm so happy I could scream! My boyfriend said he will stop making fun of me for being on this site so much now :smileyhappy: haha

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Moderator
Shogun
Posts: 12,902
Registered: ‎04-15-2011

Re: Portfolio Recoveries can stuff it!

LOL!  I know the feeling.  The DW just shakes her head at me.  :smileyhappy:


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