topic Re: First Premier Settlements in Rebuilding Your Credit

First Premier Settlements

Anonymous — Fri, 01 Jul 2016 19:45:57 GMT

I have two First Premier accounts with balances of $400 & $472. I recently decided I wanted to start making payments on them as they are two of my last three derogatory accounts and I am aiming to get them taken care of. I could pay the whole amount, but it would take some time. Since they are older, I was planning to offer them a settlement of 25% with room to negotiate provided the comment of settlement is not added to my credit report. Has anyone done this? Can someone tell me what the proper way to go about this would be? Thanks!

Re: First Premier Settlements

Anonymous — Fri, 01 Jul 2016 19:50:12 GMT

@Anonymous wrote:
I have two First Premier accounts with balances of $400 & $472. I recently decided I wanted to start making payments on them as they are two of my last three derogatory accounts and I am aiming to get them taken care of. I could pay the whole amount, but it would take some time. Since they are older, I was planning to offer them a settlement of 25% with room to negotiate provided the comment of settlement is not added to my credit report. Has anyone done this? Can someone tell me what the proper way to go about this would be? Thanks!

Ask for a pay for deletion that way the are removed altogether from your CR. If they are willing to do that, make sure you get it all in writing. If they are old enough, they may age out and fall off your report. Check your state law on the statute of limitation for collections.

Re: First Premier Settlements

RobertEG — Fri, 01 Jul 2016 23:46:02 GMT

Add the statement that they agree not to make any reporting indicating that the debt was settled for less than its full amount.

How old is "older"?

Re: First Premier Settlements

RonM21 — Sat, 02 Jul 2016 13:51:47 GMT

Good question Robert. This is somewhat confusing to me also. Unless I'm misreading, on one hand I take it that it is reporting because you mentioned 2 of your last 3 derogs. But then, you mention asking them not to report it.