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Portfolio Recovery Opinion

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ktm214
Frequent Contributor

Portfolio Recovery Opinion

it appears they are tough to crack.  I have a few recent collections with them.  I have sent PFD letters to no avail.  So, should I pay and then start the GW campaign?  Since they are all new I would like to just start moving forward since worst case scenario is that they stay on my report for 7 years.  Thank you for any opinions/advice.

Message 1 of 7
6 REPLIES 6
jeffm4688
Frequent Contributor

Re: Portfolio Recovery Opinion

I got a collection with them from a card in 2012 but it was just opened in march, I send them a DV and a PFD but never heard back, so I just sent and intent to sue because they've repoted twice since they failed to DV and I can prove it, I've got 4 violations. I'm guessing at 31 days i'll end up filing complains and filing. All for a $400 collection I offered to pay in full for a deletion.

 

Also, even if the account is new, it should be 7 years from DOFD that they fall off, so in my case while their account is new it's halfway to falling off in my case.

FICO 12/2015 - EX 692 TU 685

FICO 10/2021 - EX 596 TU 605 EQ 600 - officially rebuilding.

What survived:
Amex HH - 1.5K | Amex Delta - 1K | Amex Bonvoy - 1.5K | Amex BRG - 3.5K | Amex BRG - 3.5K | Amex Business Cash- 2K | Amex Business Plus - 2K
Message 2 of 7
RobertEG
Legendary Contributor

Re: Portfolio Recovery Opinion

As for whether to pay a collection, that is a personal decision based on numerous factors.

If, for example, you are in the process of a mortgage app and the lendor requires satisfaction of any unpaid, delinquent debt, your decision is likely clear.

Howver, if your only reason to pay is to obtain CR deletion, then making the PFD offer is likely your first step.

If they wont PFD, then it becomes a personal decision, with mitigating factors such as SOL status, how long before CR exclusion, and if you will pay if they accept a settlement for less.  Hard to give any "you should do X" advice.....

 

 

As for the post relating to DV violations, I would exercise caution in asserting violations.

Thre is no requirment to or period for response to any DV request, so there is no existing violation for failue to have responded.

As for reporting to a CRA, was the DV request timely, meaning sent within 30 days after their dunning notice?

 

Finally, any violation of the DV process would be addressed by way of complaint to the CFPB or your own civil action, with possible damages.

However, deletion of their reporting would not be an outcome of resolution of that debt collection practices violation.  It remains accurate.

A complaint will most certainly kill any chance of a GW deletion.

Message 3 of 7
ktm214
Frequent Contributor

Re: Portfolio Recovery Opinion

In the eyes of any future possible credit grantors, Robert, a PIF collection would be better than a "settled for less" account, correct?

Message 4 of 7
Anonymous
Not applicable

Re: Portfolio Recovery Opinion

*** Hi all!  I just finished a long ordeal with PRA and ended with a DELETION on all three!!!  I paid in full, sent GW to the Ombudsman, and she denied it (Amy).  THEN, I threatened in my next letter to file with the Attorney General, BBB and CFPB because supervisors had told me I could get the TL deleted after a PIF, and lied to me basically.  I woke the other day to a deletion letter form PRA Ombudsman, and the next day:  GONE!!!! All 3, and scores shot up 20-25 points.  :-)

 

FIGHT ON, but PIF.....try doing a PFD but I doubt that will work.  So GW GW GW!!!!

Message 5 of 7
RobertEG
Legendary Contributor

Re: Portfolio Recovery Opinion

Whethr you pay in full or they acdept a settlement for less, the debt is discharged.

The reporting of paid/settlted for less is an optional special comment that can be reported.

 

If a settled for less comment is added, it informs others that you did not pay hte entire debt that you obligated.

It effectively informs others that the creditor took a loss in having extended credit to you.

A repeat of that pattern will result in a loss to a creditor who extends credit to you.

 

That is never a favorable factor in any lending decision.

Yes, it can negatively affect your ability to obtain new credit if a prospecitve creditor sees that comment upon a manual review.

It is thus prudent, if one is negotiating a settlement for less, to obtain agreement from the creditor that they not report paid/settled for less, which will then make your credit report appear the same as if the debt had been paid in full.

Message 6 of 7
Anonymous
Not applicable

Re: Portfolio Recovery Opinion

guys seriously. PIF if you can then GW the heck out of them. It took me only 2 weeks of fighting and BOOM
Message 7 of 7
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