topic Re: Can you offer a OC a PFD? in Rebuilding Your Credit

Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 17:37:18 GMT

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 17:45:04 GMT

Are they reporting on your CR? If they are then all they can say is no.

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 17:55:52 GMT

yes. For example verizon and sprint are reporting on my CR with a CA. What do I do? i was told to contact the OC for pay off? but if they are reporting do I DV the CA first or what?

So many dif answers

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 18:06:03 GMT

Contact the OC and offer to PFD. If that does not work, just pay them, then DV the CA.

Are these still within SOL?

Message Edited by guiness56 on 08-04-2009 11:06 AM

Re: Can you offer a OC a PFD?

BungalowMo — Tue, 04 Aug 2009 18:07:46 GMT

@Anonymous wrote:
yes. For example verizon and sprint are reporting on my CR with a CA. What do I do? i was told to contact the OC for pay off? but if they are reporting do I DV the CA first or what?

So many dif answers

Are you seeing something like this??

Sprint

Balance $0

acct sold

CA for sprint

Bal $100

bla bla

Or is it something more like this?

Sprint

Bal $100

CA 4 sprint

Bal $100

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 18:20:48 GMT

yes still within the 7 years. Most are from 2004. But what sense does paying the OC and then DV the CA. I thought when you pay the OC and get the agree to delete, you then send that letter to the CA and they MUST remove at that time.

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 18:25:40 GMT

I don't see any $0 balances. I have one for ie: Harvard CA balance 1090.00 OC Srpint updated 12/2008 for collection. That is on TU Report. On experian is Verizon 2 times, no $0 balances. Just the amount that is owed.

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 18:26:47 GMT

If you pay the OC the CA has nothing to report. If you were to DV them they could not validate.

However, if you get the OC to pull back the CA account, the DV would be unnecessary. But, the OC would contact the CA. I do not think they will send you a letter.

The OC could agree to delete their account but the CA account would remain. That is why you ask them to pull it back.

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 18:50:15 GMT

Okay, a light bulb just went on I will do it that way. Is this the better way to increase the score. having the OC pull back the debt?

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 18:52:19 GMT

Also, if the OC won't work with you and you have to go thru the CA, who sets the rules to negotiate the payment? If my balance is 300 and I offer say 175 on a PFD. The CA is able to accept that on behalf of the OC?

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 19:28:17 GMT

If the OC still owns the account, chances are they will work with you.

The better way to increase your scores is to have the CA account removed.

If you must work with the CA, they may or may not be able to accept a settlement.

If you go that route, get it in writing stating that the settlement fully settles the account and you are no longer obligated financially for the debt. If you do not, they can come after you for the difference.

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 19:32:09 GMT

A CA is able to accept any offer that it wants to. But remember, it is not required to accept any offer for less than PIF. They are mainly motivated by laziness, so that's why they do accept offers from time to time--less work for them. So sure, you can offer half. But if they don't accept, you can increase the % or offer to PIF. You're trying to sweeten the deal for them so that they will do you the favor of deleting their reporting (which they don't have to do).

So while they can decide what kind of payment to accept on behalf of the OC, the CA cannot in any way change how the OC reports (except unpaid to paid or paid for less than full amount). So a PFD that the CA accepts only works as to the CA--not the OC. You would then have to go back to the OC and ask for GW. So that's why it's best if the OC will accept payment (or possibly PFD, or agree to pull back the account) on the front end. That usually gets rid of the CA.

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 19:34:09 GMT

If the CA does not own the account they may not be able to accept a settle for less without permission of the OC.

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 19:42:50 GMT

I am re-reading this. In the 1st line you say pay the OC and then the CA has nothing to report but then you say in your last paragraph the OC could agree to delete but then the CA would remain?

Huh?

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 19:45:17 GMT

I was talking about if you got the OC to delete their account the CA would remain. Unless you got them to agree to delete their account and pull the account back from the CA.

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 19:55:37 GMT

Isnt that what a PFD states to do when you send to an OC or a CA?

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 20:01:59 GMT

PFD to a CA only affects the CA. Can't affect the OC.

PFD to an OC only affects OC, but could also affect the CA if you ask them to pull back the account, and they agree to it.

OCs and CAs basically have a contract between the two of them, and they all do it differently. So that's why an OC accepting a PFD may or may not affect the CA. Very often, the OC just then sends the check to the CA to cash it. So then the OC may agree not to report, but it's still legit for the CA to report. But like guinness said, many times, once you pay the OC, the CA can not verify, so it will go away on a DV. Lots of different ways to play out, and no single right answer.

OCs have much less motivation to accept a PFD, and my read of the boards is that they are pretty rare.

Message Edited by jesslyn on 08-04-2009 01:01 PM

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 20:09:46 GMT

what the best course of action then? Looking at my report what would you do? I'm lost. I could contact the OC and get no where. Contact the CA with a PFD and hope for that, but the balance may come back to haunt me.... I don't have much work to do on my CR, it's just WHAT to do?

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 20:17:35 GMT

Take a deep breath.

It's better to have one (OC/CA) reporting than to have both (OC and CA) reporting. Start with the OC. See if they'll take payment, and if they will, see if they'll delete and pull back the account from the CA. If they'll do even a little, then great.

If they won't do anything, then you're just at the DV step with the CA. Nothing gained, nothing lost . . .

Worst case, you end up with both reporting paid because you want to pay but no one will delete. Some folks hold out and won't pay unless they get something in return. Maybe that's the route you want to go.

You're getting hung up on the ins and outs of all of this, and we all understand that it is overwhelming in the beginning. And you get scared to do anything because it could make it worse. But you have to do something. Just keep track of what you've done, and keep plugging away.

But like I said on the other thread, do keep your Cap 1 high on the list of your priorities since you don't want another judgment.

Bottom line, you're ready to pay off your debts and that's a good thing. Even if you don't get anything in return. You will see a pay off eventually.

Message Edited by jesslyn on 08-04-2009 01:17 PM

Re: Can you offer a OC a PFD?

Anonymous — Tue, 04 Aug 2009 21:50:01 GMT

It is always much better to work with the OC than the CA.