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Working on PFD Capital one question

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nate79416
Regular Contributor

Working on PFD Capital one question

CAP ONE has a charge off on my report, they sold to Portfolio. I am working with CO directly they are saying they are trying to get the debt back from PF, now if I pay CO directly they can"t  remove the charge off but can tell Portfolio to remove what they are reporting, but is that really going to help me out?? I would still have a charge off on my report.

 

Thanks

Message 1 of 7
6 REPLIES 6
gdale6
Moderator Emeritus

Re: Working on PFD Capital one question


@nate79416 wrote:

CAP ONE has a charge off on my report, they sold to Portfolio. I am working with CO directly they are saying they are trying to get the debt back from PF, now if I pay CO directly they can"t  remove the charge off but can tell Portfolio to remove what they are reporting, but is that really going to help me out?? I would still have a charge off on my report.

 

Thanks


If the OC sold the debt to PRA they cannot accept payment unless they repurchase it from PRA. They cannot order PRA to do anything nor can they make promises that PRA will delete any of their reporting. A paid CO is always preferrable to an unpaid one. Utilization is taking a hit with unpaid COs, underwriters like to see paid COs over unpaid as well.

Message 2 of 7
Anonymous
Not applicable

Re: Working on PFD Capital one question


@nate79416 wrote:

CAP ONE has a charge off on my report, they sold to Portfolio. I am working with CO directly they are saying they are trying to get the debt back from PF, now if I pay CO directly they can"t  remove the charge off but can tell Portfolio to remove what they are reporting, but is that really going to help me out?? I would still have a charge off on my report.

 

Thanks


One less derog is ALWAYS preferable. Do not pay until Cap One verifies that they have pulled it back from collections.

Message 3 of 7
RobertEG
Legendary Contributor

Re: Working on PFD Capital one question

Yeah you need some clarification from the OC.

If they sold the debt, then the debt collector has ownership of the debt, not assigned collection authority.

Thus, the creditor could not terminate a collection assignment that does not exist and could not accept payment of a debt that they do not own.

You would deal only with the debt collector.

 

Is the creditor reproting a $0 balance on the debt, which would be their statement of record that they no longer own the debt??

 

Message 4 of 7
nate79416
Regular Contributor

Re: Working on PFD Capital one question

Yes it says 0 and its under revolving is this killing my score? I have had several accounts removed from my report. The only thing I have left is about $800 in old medical bills and cap one(PFR) I would think my scores would go up quite a bit? Thanks
Message 5 of 7
nate79416
Regular Contributor

Re: Working on PFD Capital one question

Anyone?
Message 6 of 7
gdale6
Moderator Emeritus

Re: Working on PFD Capital one question


@nate79416 wrote:
Yes it says 0 and its under revolving is this killing my score? I have had several accounts removed from my report. The only thing I have left is about $800 in old medical bills and cap one(PFR) I would think my scores would go up quite a bit? Thanks

Then Cap-1 is no longer the owner and you will have to deal with the JDB, its unlikely Cap-1 will buy the debt back. As far as score impact it depends on the last time it reported the longer its gone without reporting the better it is for your score.

 

For unpaid medical debt that is reporting on your CR:

1. Call the OC and ask that they recall the collection in exchange for full payment
2. Send the reporting CA a PFD offer
3. Google the HIPAA Process and contact its creator for help

Message 7 of 7
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