topic Re: Portfolio Recovery - call and next steps in Rebuilding Your Credit

Portfolio Recovery - call and next steps

Anonymous — Tue, 05 Apr 2016 00:01:00 GMT

Well after reading and reading on here I have improved my score about 80-100 points in 8-9 months. I now have 7 collections on my report and two accounts that have late payments from a year plus ago. I have some cash and can pay all the collections except the largest which is 2000.
2 of them are portfolio recovery which report every month updated. I figured these are the most important first. So I called them today and said I would pay in full for a goodwill deletion. Never acknowledged it was my debt. The guy was very nice, but said they do not delete trade lines. So I said I may have to call back and he offered me to settle the accounts. So he talked and talked trying to get me to set a payment up. Long story short I said I would call back. What is the best move in this situation just pay in full and try to goodwill? Try someone else? Settle and save some money? I do want to get a mortgage so figure pif would be best option but want pfd as well.?? Not sure what to do now?
I am going to call the other four medical collections and offer pfd. Then I have another one for 2000 through asset acceptance on one report only. It is due and is a judgement. Should I try to settle this or so pfd or will that back fire and they report on all CRA?? I could do $250 a month is this beneficial for mortgage and overall purposes??

I feel I am moving in the right direction but just curious of any thoughts, opinions?? Thank you!

Re: Portfolio Recovery - call and next steps

Anonymous — Tue, 05 Apr 2016 00:31:24 GMT

PRA will never do a PFD. They are the only paid baddie on my reports. Good luck trying to get a GW deletion. Highly unlikely, but someone always wins the lottery. You may be that lucky person who gets a GW deletion from them. I encourage you to attempt.

Re: Portfolio Recovery - call and next steps

Anonymous — Tue, 05 Apr 2016 00:39:49 GMT

They're the last collection on my EX and TU. I've tried BBB and CFPB to no avail, even with incorrect reporting. Mild errors, but dang, an error is an error in my eyes. EQ did delete them, and don't ask me why they decided to while EX and TU told me to pound sand.

Paid in full. Listed as paid in full closed with comments "settled for less". SOAB, I'll try again in a year. *shrugs* it's from 2014. I'm currently writing EX and TU to delete comments.

Re: Portfolio Recovery - call and next steps

Anonymous — Tue, 05 Apr 2016 01:11:31 GMT

@Anonymous wrote:
They're the last collection on my EX and TU. I've tried BBB and CFPB to no avail, even with incorrect reporting. Mild errors, but dang, an error is an error in my eyes. EQ did delete them, and don't ask me why they decided to while EX and TU told me to pound sand.

Paid in full. Listed as paid in full closed with comments "settled for less". SOAB, I'll try again in a year. *shrugs* it's from 2014. I'm currently writing EX and TU to delete comments.

Same here!

Re: Portfolio Recovery - call and next steps

Anonymous — Tue, 05 Apr 2016 01:14:40 GMT

they only show up on my Transunion and I can't get them off. All I hear is that they don't delete,they sure are a pain in the rear. they keep updating mine monthly. they also soft pull my report monthly. they still call my cell almost every day. i am leaving them for last as they are the worst of the worst next to midland.

Re: Portfolio Recovery - call and next steps

RobertEG — Tue, 05 Apr 2016 01:39:50 GMT

Pay in full or settlement for less will look the same in your credit report, which is usually all that a creditor will see when it comes to paid debts, provided the party does not report the additional special comment of settled for less.

If you cannot get a PFD, then next best thing is to save $ and get a settlement for less, but avoid the showing in your credit report that it was a settlement for less.

All that is required when a debt is paid is that the debt collector close their collecttion and update the debt balance to $0.

If the collection is only an assignment, then they are also required to notify the OC of satisfaction of the debt, requring the OC to also update to $0 debt balance in their reporting. Recording that the debt was settled for less than its full amount is optional reporting, and if that special comment is omitted, the consumer's credit report will then look the same as if the debt were paid in full.

While that does not have direct scoring advantage, it may be a huge factor in a manual review. Addition of notice that the debt was settleed for less informs others that you have a history of not paying your entire obligated debt, and thus that if you repear that pattern, lending to you will result in a loss. Creditors dont lend to lose. It could thus be basis fo denial of new credit.

Thus, as part of a settlement negotiation, if you can secure agreement not to make any reporting of setlted/paid for less, you will gain removal discharge of the debt and same money without incurring possible negative impacts of not having paid the full debt.

Re: Portfolio Recovery - call and next steps

Shannon3671 — Tue, 05 Apr 2016 01:43:52 GMT

Portfolio is one of the worst CAs to deal with period. I'm fighting with them now about how they are listing their account on my credit reports and anytime I try to dispute it, they just make it worse. And my account with them was paid 5 years ago. I currently have a BBB complaint againt them, so we'll see how that goes. Either way, I don't see them offering to delete and if they do, get it in writting before you pay!

Re: Portfolio Recovery - call and next steps

Anonymous — Tue, 05 Apr 2016 04:36:55 GMT

I just settled two accounts tonight with PRA. We still have a judgement with them. The first account they took 70% off and the second account they took 60% off. They were both almost 5 years stil in SOL. I will be filing a complaint with them about the judgement. If they dont do anything I will be going to BBB next.

Re: Portfolio Recovery - call and next steps

RobertEG — Tue, 05 Apr 2016 05:22:34 GMT

A judgmetn is a court determination as to legitimacy of the debt.

What is the basis for your assertion of its inaccuracy that can be resolved by a CRA?

Re: Portfolio Recovery - call and next steps

Anonymous — Tue, 05 Apr 2016 14:25:28 GMT

How is it listed on your credit report? Did you settle?

Re: Portfolio Recovery - call and next steps

Anonymous — Tue, 05 Apr 2016 21:19:21 GMT

I've read so many of these forums and know that PRA does not PFD. They own a large collection of mine in total of $10K. I'm a year away from the 7 year mark, but I want to buy a house soon. I am willing to pay the full amount for them to delete it. I wonder since I have such a large collection amount, if they'd consider a PFD or if I'm still SOL with them. It's the only thing keeping me from being debt free and so ready to get rid of it!

Re: Portfolio Recovery - call and next steps

Anonymous — Thu, 07 Apr 2016 01:27:31 GMT

I trully wish you the best with this and wish to know your outcome as many of us are in the same boat. I wonder if you pay in full or settle if the record still falls off the report according to the dofd in other words by next year for you.

Re: Portfolio Recovery - call and next steps

RobertEG — Thu, 07 Apr 2016 01:32:21 GMT

The collection wll become excluded from future credit reports issued by the CRA no later than 7 years plus 180 days from the DOFD, and they normal will exclude at approx 7 years. Exclusion is mandated based only on the time from DOFD, whether paid or unpaid.

However, credit report exclusion only removes the ability of others to become aware of the unpaid debt via a simply pull of your credit report, and seeing an unpaid colelction.

It does not discharge the debt, and it may still be an issue with a future creditor.

Re: Portfolio Recovery - call and next steps

Anonymous — Thu, 07 Apr 2016 12:05:18 GMT

@Anonymous wrote:
I've read so many of these forums and know that PRA does not PFD. They own a large collection of mine in total of $10K. I'm a year away from the 7 year mark, but I want to buy a house soon. I am willing to pay the full amount for them to delete it. I wonder since I have such a large collection amount, if they'd consider a PFD or if I'm still SOL with them. It's the only thing keeping me from being debt free and so ready to get rid of it!

Highly doubtful...