Wise choice or not A wise choice

[Anonymous]

I have some returned checks reporting on EQ.9 of them totaling  $323.00, I have the money to PIF, should I send them a PFD letter and resolve this? Or what would you suggest? DOFD is 9/05.

[RobertEG]

No one can give you definitive advice on this.

A PFD offer is just that, a conditional offer.  It is a gamble in the hope of getting CR deletion, and does not resolve anything unless they accept it.
They dont have to acccept it, or even respond to it.

What is the current status of the debt for which payment was not recorded?

Is it an OC account, about to become a CO or CA?

A CA that might have impending legal action?

Each stage of escalation compounds derogs in your CR.

How important is CR deletion to you?

[Anonymous]

Current status on all 9 accounts on my CR about this debt say unpaid. And all 9 are at a collection agency called Mastercheck,CDR,Inc. I have never been contacted in regards to this ever. And I would like to resolve this my DW and I are trying to purchase a home in the next year. As far as legal action I don't know that.

[RobertEG]

If you PIF a CA, that discharges the debt, and thus removes the threat of subsequent legal action.  But it does nothing for your credit score.

With 9 CAs, the chances of all 9 biting of a conditional PFD offer is kinda slim.  Under CRA reporting guidelines, a CA is instructed not to delete their CA account based on payment.  Some will do it anyway, but getting 9 to do it is a real reach.

Having only one CA in your CR is still a major derog, and credit score improvement will be minimal until all are gone, and you return to a "clean" credit file.

Absent CA acceptance of a PFD deletion, then CA deletion will only come at 7 1/2 years from the DOFD on the OC account upon which the collection was based.

In planning CR deletion, I would first establsh your true DOFD on each OC account that led to each collection.  That tells you when old age will cause their death without any action on your part.

[Anonymous]

Thank you for your response RobertEG,all nine accounts are at the same CA, And DOFD on all are 9/05.

[RobertEG]

A DOFD of 9/2005 wont result in deletion of a CA reported on the collection of debt from that OC account until after 3/2013.

[mauve]

I'd start with a DV and follow with a PFD that lists every account number they have on your CRs.   Assuming they validate.