Portfolio Recovery Help/ Settlement Proposed Deletion Rejected

[turts14]

HSBC charged off a card back in 08 and sold to Portfolio recovery.  I been in correspondence via email with an account representative who agreed to settle the 700 dept for 400.  I told them I would accept the monetary amount in return for them deleting this from my credit report.  All I received was an email stating my proposal has been denied. 

What should be my next steps?  Does anyone have a direct email or number to a manager or supervisor?  I have asked and did not get an answer.

Thank you

[RobertEG]

If the OC has sold the debt, you must deal with the debt collector. 

You may be able to get the collection removed, but the debt collector cannot agree to deletion of the CO.

If they wont negotiate a PFD, then next steps may depend upon the status of the debt.

What is the DOFD on the OC account, and when does the SOL expire?

[turts14]

The account under portofolio recover lists the last activity date of 04/08 and opened 03/09.  I am assuming the SOL is 7 years from last activity date does that sound accurate?

[RobertEG]

That sounds lenghty for a CC.  Most states are in the range of 3-5 years for CC debt.

And in most states, the SOL runs from DOFD, not date of last payment.  However, some states do have SOL reset provisions based on payments on the debt.

I would first dig up a copy of your state SOL statute.

[turts14]

How do I find out the DOFD if on my credit report all that is reporting is the last activity date and the opened date?  DOFD is date of file date?  or date it was filed with the collection agency correct?

[LIGHTNIN]

DoFD is date of first default, on an account that was never brought back to current again.

It's the first 30day late payment, in front  the 60,90,120 day lates. 

DoFD can be found on your EQ CR.   TU and EX do not list the DoFD, instead they list the date of removal.

[turts14]

So should I contact the original creditor and find out the DOFD then if it is past the SOL and still reporting on my credit to I contact the collection agency or the CRA? 

Thank you very much! 

[Lois5669]

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@turts14 wrote:

So should I contact the original creditor and find out the DOFD then if it is past the SOL and still reporting on my credit to I contact the collection agency or the CRA? 

Thank you very much! 

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SOL has no bearing on the reporting on your CR. It just means that they can't collect money from you if they try to sue your for the money (you would use "past SOL" as your defense and it'd be thrown out).

CRTP -The reporting on your CRs - will still continue for 7 to 7.5 years after DOFD.

[RobertEG]

If you have account records, you can determine the actual DOFD yourself.

Example:

30 late    5/2004     establishes the DOFD of 5/2004

60 late   6/2004     DOFD remains 5/2004

Account paid back into paid as agreed status  7/2004     DOFD is still 5/2004, but now is meaningless

new 30 late 1/2005  establishes new DOFD of 1/2005

60 late 2/2005  DOFD remains 1/2005

90 late 3/2005  DOFD remains 1/2005

Charge-off  6/2005  DOFD remains 1/2005

Collection 8/2005   DOFD remains 1/2005

CR exclusion date for both the charge-off and collection would be after 7/2012

If any item that has passed its CR exclusion date is continuing to appear in your CR, you dont complain or dispute to the party who reported the information, unless the date of the adverse item was incorrectly reported by them.  It is the CRAs responsibility to monitor the dates of all adverse items, and cease their inclusion in your CR once their exclusion date has passed.