topic Re: Softing me every month! in Rebuilding Your Credit

Softing me every month!

scmami — Sat, 07 Jul 2012 03:50:15 GMT

I have a CA softing me every month for THREE years... I applied for a mortgage prematurely in December, but they didn't seem to notice. I don't get calls from them every day. Or ever. I don't get letters. Collection was placed in 2009. Amount is about $3k. They have added over $1300 in interest and fees. So the question is what should I propose as a settlement? I want them to agree to the settlement BEFORE I apply for a mortgage (which won't be for awhile). I'm afraid they'll see the inquiry and demand PIF... I'm out of SOL. I'm going to try a PFD , but if not then the damage is done, they update every month so the sting of a "new" won't hurt so much.

Re: Softing me every month!

Anonymous — Sat, 07 Jul 2012 03:58:01 GMT

have you opted out yet? send them a settlement offer and see if they bite just make sure you have everything in writing. what kind of collection is it? you stated the amount owed is 3k and they added over 1300 in fees so is the original amount around 1700?

Re: Softing me every month!

scmami — Sat, 07 Jul 2012 04:01:06 GMT

Yes, opted out hubby and I a few months back. Orig amount is about $1500 (I'm rounding). It's an old CC charged off in 2008. CA is LTD Financial

Re: Softing me every month!

Anonymous — Sat, 07 Jul 2012 04:04:47 GMT

if you get them to settle for less make sure you get an agreement that they will update to paid in full or something along that and not settled for less then amount originally owed. if you plan on paying the whole amount and do indeed get a deletion then congrats to you hope all goes well

Re: Softing me every month!

RobertEG — Sat, 07 Jul 2012 07:10:34 GMT

Did you send them a DV after their original dunning notice?

If so, have they ever provided debt verirication?

Credit inquiries are an action related to their collection of the debt, and thus would be probited if under a cease collection bar.

Other than that possiblity, there is little you can do, as the FCRA places no limitation on frequency of inquiries.

One saving grace is that, with permissible purpose, their inquiries could have been hard.

Re: Softing me every month!

scmami — Sat, 07 Jul 2012 15:24:45 GMT

It's been reporting since 2009, and unfortunately I didn't know what DVs were back then! Yes, I agree they could have been hard pulls so I'm at least spared the effects there. In response to rootpooty, I will definitely ask how they'll report, but honestly as long as the balance is $0, I'd be happy

Re: Softing me every month!

Anonymous — Sat, 07 Jul 2012 21:09:00 GMT

@scmami wrote:
It's been reporting since 2009, and unfortunately I didn't know what DVs were back then! Yes, I agree they could have been hard pulls so I'm at least spared the effects there. In response to rootpooty, I will definitely ask how they'll report, but honestly as long as the balance is $0, I'd be happy

be carefull if you plan on settling for less than originally owed. this happened to a good friend of mine last year during a mortgage app. he had a charge off and his loan officer said this needed to get paid so he the the ca to settle for 50% of the original balance and they did update the balance to zero however they noted that settled for less than originally owed and his loan officer still gave him problems for it. just be aware if you do get them to settle for less

Re: Softing me every month!

scmami — Sat, 07 Jul 2012 21:20:05 GMT

Thanks root. I'll clarify it with my LO once I get that far. I appreciate your help!

Re: Softing me every month!

Anonymous — Sat, 07 Jul 2012 21:40:35 GMT

@scmami wrote:
Thanks root. I'll clarify it with my LO once I get that far. I appreciate your help!

your welcome

Re: Softing me every month!

scmami — Thu, 20 Sep 2012 04:26:23 GMT

Sorry to resurrect my old thread, but I have a happy ending to this story! I settled for 1400. Less than 3 weeks later, the company deleted the entry! I didn't ask or dispute anything. So happy!Now if I could get these scores to a 640 MID!!

Re: Softing me every month!

rckstrscott — Thu, 20 Sep 2012 06:09:50 GMT

@scmami wrote:
Sorry to resurrect my old thread, but I have a happy ending to this story! I settled for 1400. Less than 3 weeks later, the company deleted the entry! I didn't ask or dispute anything. So happy!Now if I could get these scores to a 640 MID!!

Very good work! Congrats on the deletion!!

-scott

Re: Softing me every month!

fuzzybean — Thu, 20 Sep 2012 10:19:07 GMT

@scmami wrote:
Sorry to resurrect my old thread, but I have a happy ending to this story! I settled for 1400. Less than 3 weeks later, the company deleted the entry! I didn't ask or dispute anything. So happy!Now if I could get these scores to a 640 MID!!

I'm glad you resurrected an old thread. It's great to see other's successes! Congratulations!

Re: Softing me every month!

scmami — Thu, 20 Sep 2012 12:12:37 GMT

Thanks!