Re: PFD Q&A, Examples, and PFD Success Stories[ Edited ]
04-28-2013 01:47 PM - edited 04-28-2013 01:56 PM
I have six accounts that I've just started to work on and I'm still so confused about how to go about squaring things away and having the status changed on my report. I just paid a balance in full with Portfolio Recovery and requested to also have the status deleted from my report, but was told that they can't do that. The supervisor I spoke with told me that only the credit reporting agency can delete a negative report. Is that true? My understanding is that the collection agency reports the debt to the credit report agencies--if they're doing the reporting, why can't they delete it?
So you paid them before requestin in exchange that the derog be removed?
Technically, that is correct: only credit reporting agencies can change the report. However, they will report and change whatever according to the directions of the collection agency, original creditor, etc.
So, in the past, what I have done is:
1) sent a PFD letter to collection agency requesting that if I PFD, the derogatory line item will be deleted or changed to show no deliquency
2) once receiving the confirmation of the terms acceptance (delete for being paid in full), I send a certified bank check to the CA
3) with the certified bank check, I send a follow-up letter thanking them for working with me and for deleting the derogatory remark off my credit report
4) after waiting about 10 days, I see if the derogatory is removed; if not, I follow up with CA to request that it be done
In only one case, have I turned things over to the attorney general and written to the federal government... with great success, I might add
This is a letter I sent PFD, and the derogs were removed immediately.
May 2, 2011
Global Payments Check Recovery Services, Inc.
6215 W. Howard St.
Niles, IL 60714
Re: Collection Accounts for Gas Station
Account #: xxxxxxx5 - $$
Account #: xxxxxxx9 - $$
Account #: xxxxxxx7 - $$
Account #: xxxxxxx9 - $$
To Whom It May Concern:
This letter is to try and settle accounts included in my Chapter 7 bankruptcy which was fully discharged on May 25, 2010.
In the spirit of goodwill, I am asking to pay these accounts IN FULL if you agree to immediate deletion of this account from any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to have this item removed from my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form as the accounts were included in the discharged bankruptcy.
If you agree to the terms and accept this agreement, certified funds for the settlement amount of one hundred, ninety-five dollars, ($195.00) will be sent to Global Payments Check Recovery Services in exchange for full deletion of ALL references regarding this account from my credit files and full satisfaction of the debt. As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies.
Global Payments Check Recovery Services agrees to delete ALL information regarding this account from the credit reporting agencies WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, Global Payments Check Recovery Services will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.
If you agree to the above terms, please prepare a letter on your company letterhead explicitly agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Global Payments Check Recovery Services. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.
Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this offer will be withdrawn, as under bankruptcy laws, I am not obligated to pay.
Please address all correspondence regarding this account to:
my city, state zip