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Pay off collection or wait?

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Anonymous
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Pay off collection or wait?

I have an old collection on all three of my credit reports from 2002. It is an old medical bill and it says I owe $611. It was assigned in 2002 and it was last reported this month. I want to buy a home soon and my ficos average 701. What should I do? Do nothing until it drops, or should I send a PFD letter? How will the mortgage company view this collection?

thanks for the help
Message 1 of 6
5 REPLIES 5
Anonymous
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Re: Pay off collection or wait?

Send a PFD and talk to the OC as well to see if they're open to a PFD even if the CA says no.
 
I've learned here that many mortgage co's don't want to see ANY unpaid collections on your report.
Message 2 of 6
Anonymous
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Re: Pay off collection or wait?

thanks for the quick reply! Ok, so I send the PFD to the OC and if everything works out how does it get removed from my report?

Message Edited by acekota on 04-25-2008 01:34 PM
Message 3 of 6
Anonymous
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Re: Pay off collection or wait?

Ace- you can try that. But what has worked best for me, and I have had many many many med collections deleted, is this:
 
First, call the CA. Ask under what circumstances they do PFDs. Does it need to be authorized by the OC or do they have the authority to do it themselves? A bit of fact-checking will help you know where to go next.
If they're willing to PFD with them, just get it in writing & go from there.
 
If they're not willing, your next step is this:
Call the OC. Explain to them your situation. If it's really out-there and major, I've found many of them willing to delete. Tell them you are able to PIF, but you really want to recover from this bad sit, and can they authorize to delete? Let them know you're ready to pay ASAP and will even communicate over email (so you can get the PFD info in writing for your records) to get it taken care of as soon as possible. The possibility of big money in the near future is a fantastic wheel-greaser.
 
I had two CAs tell me they needed the OC's permission to delete first, and I let the OC know that I knew their permission would be needed, hence the phone call...
 
ALWAYS speak to a supervisor at both the CA & the OC. I tried it with two OCs on two separate occasions before I wised up & asked for a supervisor right away. Do a little recon: First phone call, just don't ID yourself & ask "who's the supervisor in that dept?" Innocuous enough.. next phone call, maybe a day later, call & ask direct for Supervisor's Name. When asked for nature of your call, tell the CSR you've been working on a situation w/ the CA & OC (or vice-versa) and the supervisor is the point of contact you've been given Smiley Happy
 
Of course after all is said & done, get it in writing!!!
Message 4 of 6
Anonymous
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Re: Pay off collection or wait?

Just called the CA and the rep said that they will do a PFD, but when I asked for that in writing he said they cant do that and that he is a supervisor. I dont think he knew what a PFD was. Ill try the OC now. Thanks again! So frustrating. Can the OC delete this collection from my report?
Message 5 of 6
Anonymous
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Re: Pay off collection or wait?

I would call the OC    if they still own the account they can accept payment & call back the CA. OR
 
Pay the OC and sit back to see what the CA does........then send them a DV CMRRR
Message 6 of 6
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