Interesting solution will it work?

[Anonymous]

Way around the self dealing is have several members that have the means to set themselves up as a ca. They can then buy each others debts and also buy those of forum members. I am sure that most forum members would be willing to do a PFD with them. Won't mind them making a reasonable profit. We have several members that do prosper loans so why not. Only problem might be is how to pick and choose who is in the debt lot that you buy.

[Anonymous]

---

@Anonymous wrote:

Way around the self dealing is have several members that have the means to set themselves up as a ca. They can then buy each others debts and also buy those of forum members. I am sure that most forum members would be willing to do a PFD with them. Won't mind them making a reasonable profit. We have several members that do prosper loans so why not. Only problem might be is how to pick and choose who is in the debt lot that you buy.

---

Oh that's easy c.p. Anyone that is in your pm Friends list! LOLOL.

just kidding!

[Anonymous]

---

cowpaddi wrote:

Way around the self dealing is have several members that have the means to set themselves up as a ca. They can then buy each others debts and also buy those of forum members. I am sure that most forum members would be willing to do a PFD with them. Won't mind them making a reasonable profit. We have several members that do prosper loans so why not. Only problem might be is how to pick and choose who is in the debt lot that you buy.

---

You would need to do more than incorporate as a CA.  What about licensing requirements?

For example, if someone wanted to buy my debt and do a PFD for me, they'd have to first get licensed with the NYC Dept of Consumer Affairs.  When you're talking about doing it for several members all over the country, this idea gets very expensive very quickly.

[TryingVeryHard]

We should all be a member of MyFico Collection Recovery. LOL. Anyone who wants to join in?

[Anonymous]

I have often wondered why there seems to be no collection agency that is intelligent enough to actually work with their "customers."  Why not accept PFD's?  It allows the CA to make money, and allows the 'customer' to get on with their life.  What right do the CRA have to mandate 7 years of penalty?

I would think that a CA that actually works with their 'clients' in a manner that helps out the 'client' rather than the abusive method they usually employ, why, they would make a lot of money.  And likely be able to sleep at night.

And the objective of collection would be achieved.  Really, why should they care if the debt is deleted off the CRA's?

[haulingthescoreup]

They're actually supposed to report these things, just as original creditors are. That's the agreement underlying CRA's --if everyone reports the credit activities of consumers, then they can attempt to paint a picture of credit applicants. That's why there's so much resistance to GW's. It's not just being meanies. They really do have to decide if keeping your business is worth getting fussed at.

I'm not defending them, I'm just saying that you have to look at it from their viewpoint. I'm sure that there's some sort of spanking that they can get if suddenly they weren't reporting as many derogs as before. And you can be sure that their competitors would find out and rat them out.

But yes, how cool would that be...

[Anonymous]

---

@haulingthescoreup wrote:
They're actually supposed to report these things, just as original creditors are. That's the agreement underlying CRA's --if everyone reports the credit activities of consumers, then they can attempt to paint a picture of credit applicants. That's why there's so much resistance to GW's. It's not just being meanies. They really do have to decide if keeping your business is worth getting fussed at.

I'm not defending them, I'm just saying that you have to look at it from their viewpoint. I'm sure that there's some sort of spanking that they can get if suddenly they weren't reporting as many derogs as before. And you can be sure that their competitors would find out and rat them out.

But yes, how cool would that be...

---

I agree. If they accepted PFD's whenever it was asked for, then all credit articles from Yahoo Finance and similar sites would just say "offer a PFD at 50% if you want to get rid of a collection account". By making it more difficult and not accepting so readily, it makes them more profitable.

Also, the vast majority of people with collections accounts don't monitor their credit reports and will pay 100% to avoid a lawsuit, not knowing what a PFD is. How many times have you read someone say on this form that they have a paid collection because "I didn't know what a PFD was back then!".