topic Re: Advice on what to do in General Credit Topics

Advice on what to do

Anonymous — Tue, 17 Apr 2012 01:23:51 GMT

I have recently gotten married and we are looking to buy a house. I pulled my credit reports through wells fargo and have a few items on there that i need to get taken care of. I am looking for any advice as to how I should go about doing so.

The first one is from a credit card I got though First Premier Bank. It says charge off or collection on my reports. I only owe 385 dollars on it.

The second one is from Calvary Portfolio Services, It was an old sprint account. It says charge off or collection on my reports also. I owe 359 Dollars.

I have the ability to pay them both off in full, but NOt sure if I should try something else? Any help/information is greatly appreciated

Thank you.

Re: Advice on what to do

Guava — Tue, 17 Apr 2012 04:29:10 GMT

Definitely try offering pay for deletion. Here's a PFD sample letter. Do not acknowledge you owe the debt in the letter because it may reset the reporting clock on the account. Good luck!

Re: Advice on what to do

RobertEG — Tue, 17 Apr 2012 10:29:21 GMT

First, you need to determine what the item is, who reported it, and who owns the debt.

Charge-offs are reported by the creditor on the debt, while collections are separately reported by a debt collector.

Each is responsible for their own reporting, and efforts at CR deletion need to be sent to the party who reported the item you seek to have deleted.

First Premier is an OC, so that appears to be a charge-off, not a collection. Do they still own the debt? YOu can only send a PFD offer when the party stlll owns the debt.

Calvary is a debt collector. Did the OC also report a charge-off on their account, or are you only addressing the collection? Does the OC still own the debt, or has it been sold?

Re: Advice on what to do

pizzadude — Tue, 17 Apr 2012 15:57:17 GMT

You don't have to worry about resetting the clock on credit reporting. The CRTP for these collections is 7.5 years from the DOFD of the original account, and this won't change regardless of whether you pay or don't pay the debt.

In some states a written acknowledgement of a debt can extend the SOL ( statute of limitiations ), which gives the creditor/CA additional time to bring legal action against you for unpaid debt.

Re: Advice on what to do

kjm79 — Tue, 17 Apr 2012 20:20:08 GMT

OP, check your PM for info on Cavalry.

Re: Advice on what to do

PRC — Fri, 20 Apr 2012 02:30:06 GMT

I too have a charge off with First Premier. They don't sell to a collection agency per the collection representative because they have an in-house collection agency. The bad part is everyone I have spoken to states that they do not delete even if you PIF. I want to PIF but I'm unsure how this will affect my credit because they will only report PIF after CO. Please let me know if you have any luck with them.

Good Luck!