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Verizon Wireless/RPM Settlement?

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Trying37
Valued Member

Verizon Wireless/RPM Settlement?

I have one baddie left on my TU and EX reports - Verizon Wireless (DOFD 2015). It is listed under the Accounts section as a charge off, but with a note that reads Collections Account. Verizon is reporting, but it was sent to a CA - RPM. RPM does not do credit reporting and they have offered a 40% settlement that I am tempted to pay. I am afraid if I don't take care of this, RPM will sell the debt to another CA that does report and then I'll have 2 baddies instead of one. I have already tried PFD with Verizon, but (as most know), the answer was NO. I tried to get RPM to agree to update the account as zero balance paid in full, but since they are not reporting, they will just send the info to Verizon who will update as Zero balance Settled in full. I am planning to buy a house next year and would like to know what I should do: 1) Should I accept the settlement offer? 2) Take my chances (in hopes it doesn't get sold) and wait until I have the full amount to pay it in full? 3) Don't pay at all? Any help with this would be greatly appreciated.
Message 1 of 8
7 REPLIES 7
RobertEG
Legendary Contributor

Re: Verizon Wireless/RPM Settlement?

RPM is the collection agent of the creditor.

If you settle for less, it is best if you obtain agreement that the OC account update only to show paid, and not include any reference to paid/settled for less.

 

I would accept the settlement offer with the additional condition that RPM obtain commitment from the OC to update to paid with no special comment related to paid/settled for less.  Since the creditor is still the owner, and thus ultimate payee of the debt, their commitment as part of your settlement with the debt collector would be a proper contract condition.

Message 2 of 8
Trying37
Valued Member

Re: Verizon Wireless/RPM Settlement?

I asked RPM if they could get that committment from the OC and was told No. Should I contact Verizon directly to see if they'll commit to it in writing if I pay the settlement to the CA?
Message 3 of 8
RobertEG
Legendary Contributor

Re: Verizon Wireless/RPM Settlement?

Yes.

However, I would not expect the OC to make a firm commitment to terms of a negotiation that they themselves are not conducting, particularly since they have alredy balked at a request from their own debt collector to make that commitment.

You wont know until you try.....

Message 4 of 8
Trying37
Valued Member

Re: Verizon Wireless/RPM Settlement?

Thanks!
Message 5 of 8
jjbryant3
New Contributor

Re: Verizon Wireless/RPM Settlement?

If they have not reported and you paid a settlement, I do not see how they can report anything negative since you settled the debt before reporting it. I did teh same thing with ATT and they never reported anything. And if they did i have proof of payment and the settlement offer before reporting anything negative. I mean if someone says you owe me X but i will take xyz and you pay it. How can they report you as a deadbeat?

Message 6 of 8
Trying37
Valued Member

Re: Verizon Wireless/RPM Settlement?

I don't expect RCM to report anything. My concern is if I accept the offer, Verizon (who is reporting) will update my credit report as paid/settled for less than amount owed.
Message 7 of 8
RobertEG
Legendary Contributor

Re: Verizon Wireless/RPM Settlement?

While a debt collector may not report after the debt is paid, they are not precluded from doing so.

The question was whether they can.

 

Reporting of a collection is the reporting that they had or still have collection authority.

Provided their reporting shows paid, $0 balance, it would be accurate reporting.

 

 

Message 8 of 8
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