Portfolio Recovery Help!!

[Anonymous]

I had a charge off account with Cap One that was sold to Portfolio Recovery... Keep inmind Portfolio Recovery never showed up on my reports,  I called them up and paid the account in full..... I know I should have done a PFD but at this time I really didn't know to much about PFD.... Now that I paid them I just got an alert that a collection was added and lost 79pts on TU and about 40pts on EX N EQ...... I recently got approve for 4 CC's, all added this week except one but Damn why me smh..............  Please help me!

[Shann0n_marie]

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@Anonymous wrote:

I had a charge off account with Cap One that was sold to Portfolio Recovery... Keep inmind Portfolio Recovery never showed up on my reports,  I called them up and paid the account in full..... I know I should have done a PFD but at this time I really didn't know to much about PFD.... Now that I paid them I just got an alert that a collection was added and lost 79pts on TU and about 40pts on EX N EQ...... I recently got approve for 4 CC's, all added this week except one but Damn why me smh..............  Please help me!

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How long ago did you make the payment to Portfolio Recovery?  Did you do it after recieving a notification letter from them?  If you made the payment a good amount of time prior to it reporting, I would contact them and just put it out there and see if you have any options as far as it being removed.  Usually in my experience, if you pay a collection prior to it being reporting on your credit, it does not get reported to the CB's... but I guess there are always variances on that.

[Anonymous]

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@Shann0n_marie wrote:

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@Anonymous wrote:

I had a charge off account with Cap One that was sold to Portfolio Recovery... Keep inmind Portfolio Recovery never showed up on my reports,  I called them up and paid the account in full..... I know I should have done a PFD but at this time I really didn't know to much about PFD.... Now that I paid them I just got an alert that a collection was added and lost 79pts on TU and about 40pts on EX N EQ...... I recently got approve for 4 CC's, all added this week except one but Damn why me smh..............  Please help me!

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How long ago did you make the payment to Portfolio Recovery?  Did you do it after recieving a notification letter from them?  If you made the payment a good amount of time prior to it reporting, I would contact them and just put it out there and see if you have any options as far as it being removed.  Usually in my experience, if you pay a collection prior to it being reporting on your credit, it does not get reported to the CB's... but I guess there are always variances on that.

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I paid it the end of last month and they just reportrd it today....  I recieved a letter from them a few days ago about the payment agreement we made but that was after I paid them....I called PR and she said I would be getting a letter stating I paid in full and they will also send to the CB's..... but they cant remove it

[Anonymous]

I'm not sure if it was just the person that was handling my collection with them but, they removed 4 accounts on my CR the following month. They also removed 2 from my husbands CR. I didn't know about PFD either when I paid everything on my CR in full. Thank God they was willing to help me.

[Shann0n_marie]

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@Anonymous wrote:

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@Shann0n_marie wrote:

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@Anonymous wrote:

I had a charge off account with Cap One that was sold to Portfolio Recovery... Keep inmind Portfolio Recovery never showed up on my reports,  I called them up and paid the account in full..... I know I should have done a PFD but at this time I really didn't know to much about PFD.... Now that I paid them I just got an alert that a collection was added and lost 79pts on TU and about 40pts on EX N EQ...... I recently got approve for 4 CC's, all added this week except one but Damn why me smh..............  Please help me!

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How long ago did you make the payment to Portfolio Recovery?  Did you do it after recieving a notification letter from them?  If you made the payment a good amount of time prior to it reporting, I would contact them and just put it out there and see if you have any options as far as it being removed.  Usually in my experience, if you pay a collection prior to it being reporting on your credit, it does not get reported to the CB's... but I guess there are always variances on that.

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I paid it the end of last month and they just reportrd it today....  I recieved a letter from them a few days ago about the payment agreement we made but that was after I paid them....I called PR and she said I would be getting a letter stating I paid in full and they will also send to the CB's..... but they cant remove it

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But how did you find out about the initial balance with Porfolio Recovery?  You were obviously notified by letter right?  What time period lapsed prior to you making the payment?  

Sorry, I might not be much help, just trying to understand the whole scenario and how it played out.  I'm sure RobertEG, Norman or gdale can weigh in and give you a more thorough answer.

[RobertEG]

As long as the debt collector still had legitimate collection authoriy at time of payment of the debt, they can report their collection, even though their reporting is after the debt has been paid.

It is certainly poor business practice to do so, as their reporting no longer serves any legitimate business purpose to persuade the consumer to pay the debt.

It also requires that they report both their collection and its termination at the same time, as they must report closed, $0 balance under collection. 

However, it does accurately complete the record, and is not prohbited under either the FCRA or FDCPA.

I would suggest approaching, not from the point of view that it violated any legal reporting provisions, requirments, or regs, but rather that it is a shoody business practice.

The proper venue for such complaints would be your local BBB.

[Anonymous]

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@Shann0n_marie wrote:

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@Anonymous wrote:

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@Shann0n_marie wrote:

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@Anonymous wrote:

I had a charge off account with Cap One that was sold to Portfolio Recovery... Keep inmind Portfolio Recovery never showed up on my reports,  I called them up and paid the account in full..... I know I should have done a PFD but at this time I really didn't know to much about PFD.... Now that I paid them I just got an alert that a collection was added and lost 79pts on TU and about 40pts on EX N EQ...... I recently got approve for 4 CC's, all added this week except one but Damn why me smh..............  Please help me!

---

How long ago did you make the payment to Portfolio Recovery?  Did you do it after recieving a notification letter from them?  If you made the payment a good amount of time prior to it reporting, I would contact them and just put it out there and see if you have any options as far as it being removed.  Usually in my experience, if you pay a collection prior to it being reporting on your credit, it does not get reported to the CB's... but I guess there are always variances on that.

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I paid it the end of last month and they just reportrd it today....  I recieved a letter from them a few days ago about the payment agreement we made but that was after I paid them....I called PR and she said I would be getting a letter stating I paid in full and they will also send to the CB's..... but they cant remove it

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But how did you find out about the initial balance with Porfolio Recovery?  You were obviously notified by letter right? NO  What time period lapsed prior to you making the payment?  

Sorry, I might not be much help, just trying to understand the whole scenario and how it played out.  I'm sure RobertEG, Norman or gdale can weigh in and give you a more thorough answer.

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I called the original creditor which was Cap One and they told me it was sold to them... Also on my report under the Cap One account it says sold to Profolio Recovery

[Anonymous]

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@RobertEG wrote:

As long as the debt collector still had legitimate collection authoriy at time of payment of the debt, they can report their collection, even though their reporting is after the debt has been paid.

It is certainly poor business practice to do so, as their reporting no longer serves any legitimate business purpose to persuade the consumer to pay the debt.

It also requires that they report both their collection and its termination at the same time, as they must report closed, $0 balance under collection. 

However, it does accurately complete the record, and is not prohbited under either the FCRA or FDCPA.

I would suggest approaching, not from the point of view that it violated any legal reporting provisions, requirments, or regs, but rather that it is a shoody business practice.

The proper venue for such complaints would be your local BBB.

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Thanks RobertEG, I will