topic Re: PFD Clarification and more... in Rebuilding Your Credit

PFD Clarification and more...

ReachingMyGoals — Sat, 20 Oct 2012 16:19:37 GMT

I have been researching the boards more and am becoming a bit confused. Will someone help me understand PFD a little clear? Please...*pouting* LOL

So I'm reading on one post that a PFD request could be less than the entire amount owed? Is that correct?

My State SOL is 6 years, if 6 years has past, would it be wise to still offer a PFD to the OC or CA? Or should I pay and then GW?

Also if the SOL is 6 and the fall off is 7, how is the CR being affected? (I hope you understand that question)

I'm still a bit foggy on somethings. With a multitude to glean from it can be a bit overwhelming. I have 2 accounts that I really would like to clear up possibly by PFD if that is the smartest way to go. I want to purchase a car around this time next year and want to do so knowing full well I won't have to settle for something just because of the CR.

Please advise.

Re: PFD Clarification and more...

annielorie — Sat, 20 Oct 2012 16:30:16 GMT

Start negoitiating the PFD for a lesser amount explain its out of SOL but dont pay until u have letter confirming PFD also the one that expires in 2013 will be excluded from your credit report exactly 7 yrs 180 days from DOFD. Is the OC REPORTING as well as the CA

Re: PFD Clarification and more...

ReachingMyGoals — Sat, 20 Oct 2012 16:44:35 GMT

Yes they are both on the report. It appears that my DOFD keeps changing.

Re: PFD Clarification and more...

10-20-201209:30 AM

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Re: PFD Clarification and more...

ReachingMyGoals — Sat, 20 Oct 2012 16:45:41 GMT

Sorry your signature ended up in my signature. I don't know how properly quote here.

Re: PFD Clarification and more...

Shogun — Sat, 20 Oct 2012 19:36:04 GMT

A PFD is a type of GW. You are asking them for a GW if you pay the account. As to whether you pay in full or settle is kind of a tossup. It does work best however if you are outside the SOL sometimes. You can state that you know that this account is past the SOL and is nearing the time it will fall off your CR. However you want to show good faith and pay them some money, if they will return the GW and delete your account. I've personally had success with this. It is a win/win for you both. They get paid/ you get your CR clean of their reporting.

I hope that answers your question. If not, ask again. We love to help!

Re: PFD Clarification and more...

ReachingMyGoals — Sun, 21 Oct 2012 04:56:39 GMT

Shogun...thank you so much

Ok...It took me a while to get things together. I am still a bit confused.. So please help where you can.

This information is from EQ:

AAoA 5 years, 11 mos

16 negatives

A few transfer/sold educational loans that are currently in school deferrment status

Redeemed or Reinstated Repossession w/ a DOFD of 3/2009 due to come off 6/ 2015

Lane Bryant showing Closed but Transfer/Sold Pays As Agreed. This account is w/ a CA. It is acutally showing 3 times on my CR. Asset Acceptance and LVNV

Target CO now currently with Midland

A Paid Collection for Cap 1 w/ a CA DOFD was 8/2006

Medical Paid Collection

I would like to work with the ones that have been paid getting those removed. Then move to PFD's for the Target and Lane Bryant. Will I be able to GW Wells Fargo?

That would only leave my student loans to keep up with. Thank you in advance for your feedback.

Re: PFD Clarification and more...

rckstrscott — Sun, 21 Oct 2012 11:58:08 GMT

@ReachingMyGoals wrote:
Shogun...thank you so much

Ok...It took me a while to get things together. I am still a bit confused.. So please help where you can.
This information is from EQ:
AAoA 5 years, 11 mos

16 negatives

A few transfer/sold educational loans that are currently in school deferrment status

Redeemed or Reinstated Repossession w/ a DOFD of 3/2009 due to come off 6/ 2015 - Is this a car repossession? If so which company?
Lane Bryant showing Closed but Transfer/Sold Pays As Agreed. - This might not be a negative listing, was it sold and charged off? Is there a colleciton on there for this?
This account is w/ a CA. It is acutally showing 3 times on my CR. Asset Acceptance and LVNV - Do both of these collections show a balance? Only one will be able to report an outstanding balance.
Target CO now currently with Midland - Does the Target account show a balance? Likely this account has been sold, and you will not be able to work with Target. You should send a DV; have you ever received a dunning notice on this?
A Paid Collection for Cap 1 w/ a CA DOFD was 8/2006 . Is the Cap1 and the collection showing? You could GW this on both, but the CO and CA will likely fall off between 9 and 14 months at this point.

Medical Paid Collection - Send a GW - Who is the company? Was it paid in full or settled?

I would like to work with the ones that have been paid getting those removed. Then move to PFD's for the Target and Lane Bryant. Will I be able to GW Wells Fargo? You will not be able to PFD the OC if they have sold the debt. Once they have sold it, they no longer own it, the CA does and they cannot accept payment. You can GW them, but CO's are harder to GW than a paid collection

That would only leave my student loans to keep up with. Thank you in advance for your feedback.

Re: PFD Clarification and more...

Anonymous — Sun, 21 Oct 2012 12:47:42 GMT

ReachingMyGoals, I'm new too but I just want to commend you on getting educated and getting advice before proceeding. My ADD self got on here and learned about PFD letters then went happily off to write and send them only to come back to the boards and discover I should have disputed first. Duh! So I commend you for doing things right and wish you the best of luck!

Re: PFD Clarification and more...

Shogun — Sun, 21 Oct 2012 13:11:46 GMT

rockstrscott gave you some good information there. Take each of your negatives and put them into 2 categories. Paid and unpaid. Your paid accounts need GWs sent, unpaid PFDs. Look over each of those tradelines very carefuly. Look for any mistakes or what could be wrong information.

Re: PFD Clarification and more...

rckstrscott — Sun, 21 Oct 2012 13:16:16 GMT

@Anonymous wrote:
ReachingMyGoals, I'm new too but I just want to commend you on getting educated and getting advice before proceeding. My ADD self got on here and learned about PFD letters then went happily off to write and send them only to come back to the boards and discover I should have disputed first. Duh! So I commend you for doing things right and wish you the best of luck!

What basis would the disputes be?

Disputing for no reason isn't advisable on many levels.

The main reason is, if you dispute and its validated, you may have destroyed any chance for PFD or GW because you basically stated they are showing improper information on your report.

I don't disagree with disputing if there is a reason to dispute, but CRA disputes are iffy at best, not to mention they are sanatized through computer system that breaks it down to coding.

-scott

Re: PFD Clarification and more...

Anonymous — Sun, 21 Oct 2012 13:35:09 GMT

Oh! I've just read so many posts saying to seek validation before making any kind of attempt to settle (including PFD) that I assumed I had done things wrong. Not that anyone has responded, mind you. I was going to dispute next. Are you suggesting I keep trying the PFD route? Sad to say, everything that is listed is accurate. I do have the capitol to make the payments, but I wanted to see if I could get things removed.

Re: PFD Clarification and more...

rckstrscott — Sun, 21 Oct 2012 13:36:48 GMT

@Anonymous wrote:
Oh! I've just read so many posts saying to seek validation before making any kind of attempt to settle (including PFD) that I assumed I had done things wrong. Not that anyone has responded, mind you. I was going to dispute next. Are you suggesting I keep trying the PFD route? Sad to say, everything that is listed is accurate. I do have the capitol to make the payments, but I wanted to see if I could get things removed.

Debt validation is not disputing.. Different processes.. DV is relating to debt collection and FDCPA, disputing is FCRA

-scott

Re: PFD Clarification and more...

Shogun — Sun, 21 Oct 2012 13:44:09 GMT

If everything is listed as accurate then what would be your reason for the dispute?

Re: PFD Clarification and more...

Anonymous — Sun, 21 Oct 2012 14:02:10 GMT

Yes, sorry for confusing you! I am planning on requesting validation.

Re: PFD Clarification and more...

ReachingMyGoals — Sun, 21 Oct 2012 14:48:11 GMT

Thank you all so very kindly for assisting me in making the right decision. You are offering valuable information that I intend to use. I know...Easy Does It...Slow and Steady and all Mantras BUT, guess what, I can win the race if I don't actively participate. Nor can I monitor the rate of speed if I'm not moving. So again thank you and please keep the suggestions coming.

Redeemed or Reinstated Repossession w/ a DOFD of 3/2009 due to come off 6/ 2015 - Is this a car repossession? If so which company?

Yes, Wells Fargo was the OC

Lane Bryant showing Closed but Transfer/Sold Pays As Agreed. - This might not be a negative listing, was it sold and charged off? Is there a colleciton on there for this?

Yes, Charged Off. I believe Asset Acceptance and LVNV both are listing this. If its not LVNV, I truly do not know what they have this listed for.

This account is w/ a CA. It is acutally showing 3 times on my CR. Asset Acceptance and LVNV - Do both of these collections show a balance? Only one will be able to report an outstanding balance.

Only the CA's show balances.

Target CO now currently with Midland - Does the Target account show a balance? Likely this account has been sold, and you will not be able to work with Target. You should send a DV; have you ever received a dunning notice on this?

I have received settlement notices from them. Will a DV still be appropriate?

A Paid Collection for Cap 1 w/ a CA DOFD was 8/2006 . Is the Cap1 and the collection showing? You could GW this on both, but the CO and CA will likely fall off between 9 and 14 months at this point.

I believe the DOFD is incorrect looking at this because, the account wasn't opened until 8/2006 per the TU CR.

It's not due to come off until 11/2015.

Medical Paid Collection - Send a GW - Who is the company? Was it paid in full or settled? I believe it was a local CA, it was paid in full.

I would like to work with the ones that have been paid getting those removed. Then move to PFD's for the Target and Lane Bryant. Will I be able to GW Wells Fargo? You will not be able to PFD the OC if they have sold the debt. Once they have sold it, they no longer own it, the CA does and they cannot accept payment. You can GW them, but CO's are harder to GW than a paid collection

Sorry, when i mentioned PFD, I was referring the to CA's who now hold the acct. for these two companies. Wells Fargo was the Repo...what shall I do with them?

Re: PFD Clarification and more...

ReachingMyGoals — Sun, 21 Oct 2012 23:24:48 GMT

WOW!!!

Just printed my CR from Experian. I have some stuff on here that I didn't realize. I must get to work.