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Portfolio collection

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scanada_82
New Contributor

Portfolio collection

Good morning everybody! I have an unpaid co credit card with synchrony from spring of 2008 set to fall this aug. Fri I was contacted by portfolio recovery about making a payment. I'm willing to just pay the full balance of $935 by cashiers check. There is nothing on my credit report as of today from this collection company, only the original card holder, which the account hasn't been updated since 2012. I have made no payment since the dofd when the card hit its first 30 day late that proceeded to be a charge off. My question is, after I pay portfolio they will report it to the credit bureus. Will this new collection still fall off this coming aug when the original account on my credit report is due to fall off. Not paying it isn't really an option as I want it taken care of. I've read there's no point in trying to get portfolio to delete the collection. Any advise on the best way to handle this? I'm willing to pay and have a collection on my credit if it will drop in a few months anyways. My bank is trying to tell me that paying it will restart the seven year period and the collection will last for seven years from now. What ive learned in these forums is that should not be the case right? Thanks in advance for your help
683 fico
Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: Portfolio collection

No, paying it will not change any fall-off date. If portfolio is not reporting it as a collection when its paid, they probably will not report anything at all, but you might want get their agreement not to report, even though it would only be for a short time period.

Message 2 of 7
scanada_82
New Contributor

Re: Portfolio collection

Thank you very much! I asked the lady on the phone this morning with portfolio and she said they would report it to the collection agency within 15 days after its paid.
683 fico
Message 3 of 7
gdale6
Moderator Emeritus

Re: Portfolio collection


@scanada_82 wrote:
Thank you very much! I asked the lady on the phone this morning with portfolio and she said they would report it to the collection agency within 15 days after its paid.

Wait a minute here, you say Portfolio has just received the collection and its not on your reports?  Who are you talking to the OC or Portfolio?  Did you get an agreement from the collector that they wont report it in exchange for full payment??

Message 4 of 7
scanada_82
New Contributor

Re: Portfolio collection

Portfolio called me Friday that they are a debt collector trying to collect this debt. I called the oc and they said they no longer have the account I have to call a different number. The number the oc gave me was for portfolio. So I called portfolio back today and said I would send a cashiers check for the full amount of payment and asked if this was going to go on my credit as a collection. The lady from portfolio said it would be put on my credit as paid in full within 15 days after payment. There is no collection as of now from portfolio on my reports. Or any collections for that matter. But synchrony told me they no longer are responsable for the account and told me they couldn't except payment when I asked if I could pay them. So I'm going to send a cashiers check today to portfolio. So in 15 days a collection will hit my reports, but fall off in four months. If neither the oc or collection agency cannot report longer than the 7.5 year period from the original accounts date of first delinquent
683 fico
Message 5 of 7
Anonymous
Not applicable

Re: Portfolio collection


@scanada_82 wrote:
Portfolio called me Friday that they are a debt collector trying to collect this debt. I called the oc and they said they no longer have the account I have to call a different number. The number the oc gave me was for portfolio. So I called portfolio back today and said I would send a cashiers check for the full amount of payment and asked if this was going to go on my credit as a collection. The lady from portfolio said it would be put on my credit as paid in full within 15 days after payment. There is no collection as of now from portfolio on my reports. Or any collections for that matter. But synchrony told me they no longer are responsable for the account and told me they couldn't except payment when I asked if I could pay them. So I'm going to send a cashiers check today to portfolio. So in 15 days a collection will hit my reports, but fall off in four months. If neither the oc or collection agency cannot report longer than the 7.5 year period from the original accounts date of first delinquent

If portfolio has not yet reported it, its very possible they will not do so at all. Either way, its paid and gone from your reports soon.

Message 6 of 7
gdale6
Moderator Emeritus

Re: Portfolio collection


@scanada_82 wrote:
Portfolio called me Friday that they are a debt collector trying to collect this debt. I called the oc and they said they no longer have the account I have to call a different number. The number the oc gave me was for portfolio. So I called portfolio back today and said I would send a cashiers check for the full amount of payment and asked if this was going to go on my credit as a collection. The lady from portfolio said it would be put on my credit as paid in full within 15 days after payment. There is no collection as of now from portfolio on my reports. Or any collections for that matter. But synchrony told me they no longer are responsable for the account and told me they couldn't except payment when I asked if I could pay them. So I'm going to send a cashiers check today to portfolio. So in 15 days a collection will hit my reports, but fall off in four months. If neither the oc or collection agency cannot report longer than the 7.5 year period from the original accounts date of first delinquent

Ok, I see it clearly now. Chances are if you pay it they wont report it, that costs money and it has little time to go in fact I would be asking for the early exclusion if it actuall hits your reports. Typically the CRAs will exclude the items at the 7 yr mark from the DoFD to be sure they are within the law.

Message 7 of 7
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