topic Re: Pinnacle Recovery in Rebuilding Your Credit

Pinnacle Recovery

Anonymous — Fri, 08 May 2015 18:52:29 GMT

I've gone through the process of speaking with this company several times, they have outsourced to other collection companies but have retained the account. I've disputed this as this was my now ex-wife's account, but turns Verizon never took this out of my name and put in hers, so I'm stuck it appears. Have the same issue with a charged off utility collected through Convergent Outsourcing for Entergy, was hers, didn't change name, she didn't pay, yada yada. Having this account has stopped me from getting credit for both a Citi Simplicity Card and a Bank of America Americard, was looking for one of these for balance transfer purposes.

But, the purpose of this question is this:

I have the money to pay Pinnacle, begrudgingly, but I can do it. Same with Convergent. These accounts will fall off in 2017, they both were initially delinquent in 2010. While I believe I shouldn't have to pay, since these were my ex-wife's debts (Which is why I haven't done so up to this point), I understand that there's little I can do. So, I either wait, or pay them, so I can continue to get to my financial goals.

So, if I pay Pinnacle, I know they won't do Pay for Delete, but they'll report as closed and paid in full. So, will me paying these hurt me because it refreshes a timer, or will they still fall off in 2017?

My biggest worry is that I pay them, and then the accounts fall off in 2022 instead of 2017. As one is a collection account and one is a charge off, what will happen with this timer? And will this indeed help my credit score(s)?

Thanks in advance for any advice!

Re: Pinnacle Recovery

gdale6 — Fri, 08 May 2015 21:34:55 GMT

@Anonymous wrote:
I've gone through the process of speaking with this company several times, they have outsourced to other collection companies but have retained the account. I've disputed this as this was my now ex-wife's account, but turns Verizon never took this out of my name and put in hers, so I'm stuck it appears. Have the same issue with a charged off utility collected through Convergent Outsourcing for Entergy, was hers, didn't change name, she didn't pay, yada yada. Having this account has stopped me from getting credit for both a Citi Simplicity Card and a Bank of America Americard, was looking for one of these for balance transfer purposes.

But, the purpose of this question is this:
I have the money to pay Pinnacle, begrudgingly, but I can do it. Same with Convergent. These accounts will fall off in 2017, they both were initially delinquent in 2010. While I believe I shouldn't have to pay, since these were my ex-wife's debts (Which is why I haven't done so up to this point), I understand that there's little I can do. So, I either wait, or pay them, so I can continue to get to my financial goals.

So, if I pay Pinnacle, I know they won't do Pay for Delete, but they'll report as closed and paid in full. So, will me paying these hurt me because it refreshes a timer, or will they still fall off in 2017?

My biggest worry is that I pay them, and then the accounts fall off in 2022 instead of 2017. As one is a collection account and one is a charge off, what will happen with this timer? And will this indeed help my credit score(s)?

Thanks in advance for any advice!

The exclusion date can never change,its set in stone once an account is COed so 2017 it is. If these are updating monthly now paying them will stop the updating and your score can begin to recover. I would attempt the PFD before just paying them, Welcome to My fico

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/td-p/2031275

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Example-Letter/td-p/4519

Re: Pinnacle Recovery

Anonymous — Fri, 08 May 2015 21:43:11 GMT

Their drop off date will not change if paid. If they are not currently being updated each month, your scores may dip a little when they update to paid, but they will recover from that.