If the debt is more than 2 yrs old which it looks like. PR will delete it from your reports after paid. Jump on it! Good Luck!
Yep what each of the previous Fico members have stated is correct.
Jump on this PFD now! PR will delete (they did mine during my rebuild).
Goal Score: EX 700|TU 700|EQ700
My 2 cents:
- PRA will definitely PFD so, it may be the best course of action
- However, depending on the amount of the debt AND whether it is still within the SOL, it may be better to wait
- If you do reach out to them, DO NOT acknowledge the debt is yours. It could reset the SOL
- Your wiggle room to negotiate the settlement will be somewhat dependent upon
- whether the debt is in/out of the SOL
- your urgency/patience
- If the debt is out of the SOL and you are willing to be patient (1-2 months) you should be able to negotiate a PFD settlement of 40-45% of the balance.
- If the debt is within the SOL and/or you need to delete it more quickly, you'll likely end up paying more (55-65%)
- Depending on the severity of your previous late payments, you may or may not see much benefit from the PFD. How many late payments did you have and what were the severity (e.g. 30-days, 60-days, 90-days, 120-days...)
From reading the boards, it appears that PRA updates the tradeline to show current prior to the deletion by the CRA. How does the update to current effect the credit score? Asking for a friend..LOL
They will delete no matter how old the collection is 30 days after your payment.
@Anonymous wrote:If it's originally from 2013, everything (original lender and collections agency) should drop off in 2020, so is it worth it to do anything other than let it drop off?
The problem I have with PFD is that it doesn't change the fact that you have a chargeoff with the original lender, which still hurts your score. How much of a jump do people that have done PFD see in their scores?
If the OC has sold it and is reporting 0 then they are not going to report any payments made to the CA/JDB so it will remain aging as Fico calculates from the status update date. If your CA is reporting monthly its keeping you Fico down some points where a PFD would actually return those points to you. If the debt is past SOL then you can settle it for less than full balance. It would depend whether or not you want an increased score now or not opposed to waiting for it to reach CRTP max. Welcome to the board 
@gdale6 wrote:
@Anonymous wrote:If it's originally from 2013, everything (original lender and collections agency) should drop off in 2020, so is it worth it to do anything other than let it drop off?
The problem I have with PFD is that it doesn't change the fact that you have a chargeoff with the original lender, which still hurts your score. How much of a jump do people that have done PFD see in their scores?
If the OC has sold it and is reporting 0 then they are not going to report any payments made to the CA/JDB so it will remain aging as Fico calculates from the status update date. If your CA is reporting monthly its keeping you Fico down some points where a PFD would actually return those points to you. If the debt is past SOL then you can settle it for less than full balance. It would depend whether or not you want an increased score now or not opposed to waiting for it to reach CRTP max. Welcome to the board
Yes, getting rid of the CA tradeline is going to help, I just wonder if it's going to make much of a difference on a derogatory mark that is set to fall off in a year anyway. Wondering if it's worth the money in this case. I can see how it would be worth it on a more recent chargeoff, because you've got longer to wait for it to fall off and you've got both the original creditor and the collections agency reporting negative info.
Would love to hear any experiences people have had in terms of just how many points they've seen their scores rise from doing a PFD, given the fact that the original creditor's chargeoff is still factored into their scores.