topic Re: PFD question in Rebuilding Your Credit

PFD question

scottie_mommy — Wed, 03 Dec 2008 19:22:14 GMT

I am about to mail a Certified funds check to PIF 2 Collection accounts. I have a letter from the CA stating the accounts will be DELETED once PIF. Suze Orman said something on a recent show about writing a statement on the back of the check or MO, something about "Upon cashing this check the Payee agrees to delete/desist all action regarding this debt." Something like that.

Does anyone know the correct wording? I know I got it completely wrong and I don't want to ruin things with a silly screw up like that.

Thanks,

Re: PFD question

llecs — Wed, 03 Dec 2008 19:25:42 GMT

Google "Restrictive Endorsements". Some states allow them and others do not. Yet others allow them but are not legally defensable.

In general, "By endorsing this, XXXX, Inc. agrees to delete of Transunion, Experian, and Equifax." Or something like that.

Re: PFD question

Anonymous — Wed, 03 Dec 2008 19:29:35 GMT

Hmm, thats interesting. I never knew that..I need to look further into that.

Re: PFD question

Anonymous — Wed, 03 Dec 2008 19:31:45 GMT

So if I'm in TX and the CA is in IL does it even matter?

Has anyone been successful sending a PFD without any restricitve endorsements??

Thanks llecs

Re: PFD question

Anonymous — Wed, 03 Dec 2008 19:37:36 GMT

Sorry, this is scottie_mommy's DH.

We forgot to mention that we already have a letter that states, "Once your payment is processed, we will notify the three major credit bureaus that your account has been paid in full and should be deleted within 30 to 45 business days." The letter is signed, not stamped and has a direct number the the rep who handled these 2 accts. Is it safe to forget about a restricitve endorsement in this case?

Re: PFD question

Anonymous — Wed, 03 Dec 2008 20:16:23 GMT

mr_chico226 wrote:
Sorry, this is scottie_mommy's DH.

We forgot to mention that we already have a letter that states, "Once your payment is processed, we will notify the three major credit bureaus that your account has been paid in full and should be deleted within 30 to 45 business days." The letter is signed, not stamped and has a direct number the the rep who handled these 2 accts. Is it safe to forget about a restricitve endorsement in this case?

IMO, if you have that letter.....don't worry about the restrictive endorsement.

If they don't delete, file suit in your local courts.

Re: PFD question

RobertEG — Thu, 04 Dec 2008 05:51:09 GMT

I agree with sidewinder. You can certainly endorse the check with the proviso thereon that acceptance contitutes payment of the debt. But extending that to issues, such as credit reproting, that have nothing to do with the debt itself, would appear to lack relevance.

What is relevant is your letter of promise to delete from the CA.

I would not put any endorsement restrictions on the check itself, but would include a cover letter, with a copy of their deletion promise attached, and state in the letter that payment is made in furtherance of their agreement to delete. That is what matters.

Re: PFD question

Anonymous — Thu, 04 Dec 2008 08:13:59 GMT

Agree with the other experts - I have done PFDs without any restrictive endorsement - I just had the bank writing on the cause "PFD account xxxxx"

Re: PFD question

scottie_mommy — Wed, 11 Mar 2009 18:21:02 GMT

They dragged their feet but it finally paid off !!!!

Fiance's score jumped from 599 to 643 !!!!

We still have a ways to go (in the middle of HIPAA for 3 other accounts)

Re: PFD question

llecs — Wed, 11 Mar 2009 18:24:46 GMT

Congrats! Better late than never.