topic Re: Debt Validation Received, Now What? in Rebuilding Your Credit

Debt Validation Received, Now What?

miz2006 — Tue, 21 Aug 2018 00:02:37 GMT

Hello everyone! I’m new to the forums, but I’ve already learned a great deal from each of you - so THANK YOU!

I have a baddie (CO from JCPenney) that Cambece law firm now owns. I sent DV, they replied with info, so what’s next? Do I send PFD? For what amount?

I’ve read the sample PFDs. Even bookmarked two. Just not sure if that’s right next step.

Thanks in advance!

Re: Debt Validation Received, Now What?

Thaitea007 — Tue, 21 Aug 2018 09:13:02 GMT

If you understand the debt to be valid, offering a PFD on the full amount owed would be next step.

But first how old is this debt?

Re: Debt Validation Received, Now What?

miz2006 — Tue, 21 Aug 2018 14:32:40 GMT

Thanks Thaitea007! I appreciate your response.

The debt is only a year old, so not close to SOL. I believe it's substantially affecting my score since it's so recent. If they don't accept the PFD (keeping fingers crossed , is paying the debt in my best interest given the age?

Re: Debt Validation Received, Now What?

Medic981 — Tue, 21 Aug 2018 14:44:19 GMT

@miz2006 wrote:
Thanks Thaitea007! I appreciate your response.

The debt is only a year old, so not close to SOL. I believe it's substantially affecting my score since it's so recent. If they don't accept the PFD (keeping fingers crossed , is paying the debt in my best interest given the age?

Paying the debt is always the best thing to do, especially as recent as it is. On a manual review, UWs will see that you paid your debt and would look positively on this. If you are on the edge of being approved or denied during reconsideration, this might be the positive mark that gets you approved.

I hope you get your PFD! Let us know how it goes.

Re: Debt Validation Received, Now What?

RobertEG — Tue, 21 Aug 2018 16:15:46 GMT

The scoring impact of derogs based on delinquency increases as the period since initial delinquency increases.

A collection does not have less impact if it remains unpaid for longer periods.

Each updated reporting by the debt collector increases the period of record since initial delinquency, it does not decrease that period.

Additionally, the owner can, at any time prior to expiration of SOL, initiate a civil action and seek a judgment.

Re: Debt Validation Received, Now What?

miz2006 — Wed, 29 Aug 2018 19:54:00 GMT

I certainly will update! Thanks for the help and well wishes.

Sorry for the late reply, really need to learn how to view my own posts/set up alerts if possible - had no idea you responded.

Re: Debt Validation Received, Now What?

miz2006 — Wed, 29 Aug 2018 19:55:23 GMT

Thanks to you too, RobertEG! I hadn't considered these points, really appreciate it! Sorry for the late acknowledgement.