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Advice on Portfolio Recovery

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Regular Contributor

Re: Advice on Portfolio Recovery


@ProudMoney wrote:

@gdale6 wrote:

@ProudMoney 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 Smiley Happy


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.

 

From my understanding if the CA is currently updating monthly then even though the debt is origionally from 2013 doesn't mean it is close to aging off of your report. If the mark on your CR from the OC isn't updating monthly then yes it will age off but not what the CA is updating monthly.  If I were in your shoes I would approach the CA with a low ball settlement offer and negotiate up from there.

 

That's my understanding, others may be able to provide better info, good luck.

 

03/19/19
Experian: 571 | Equifax: 563 | TransUnion: 563

04/06/19
Experian: 591 | Equifax: 566 | TransUnion: 577
Message 11 of 16
Member

Re: Advice on Portfolio Recovery

My understanding has always been that after 7 years from the first delinquency from the original creditor, all derogatories associated with that delinquency should drop off, regardless of whether it is the original creditor or collection agency --- otherwise an old debt could stay on your report for the rest of your life as long as a collections agency was willing to bother reporting it. If a collections agency is still reporting it after that time, I would think filing a dispute with the credit bureau would get it removed.

 

Have never been in this situation personally, but that is always what I've understood. Would be interested to know if anyone has seen different.

Message 12 of 16
Established Contributor

Re: Advice on Portfolio Recovery

TransUnion shows the fall off date. If you haven’t gotten your annual credit report that will show when everything falls off and the only date that matters is the DOFD. I have a 9 month old collection account that will fall off in 2024 with the original creditor because my DOFD was in 2017.






Starting Score: 494 503 521
Current Score: 503 507 507 2/19
Goal Score: 680


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Message 13 of 16
Regular Contributor

Re: Advice on Portfolio Recovery


@simplegirl wrote:

TransUnion shows the fall off date. If you haven’t gotten your annual credit report that will show when everything falls off and the only date that matters is the DOFD. I have a 9 month old collection account that will fall off in 2024 with the original creditor because my DOFD was in 2017.


This makes sense, I am still learning.

03/19/19
Experian: 571 | Equifax: 563 | TransUnion: 563

04/06/19
Experian: 591 | Equifax: 566 | TransUnion: 577
Message 14 of 16

Re: Advice on Portfolio Recovery

I settled with PR in October 2018. It was for an old Capital One Charge Off from 2015. I was working to get all derogatory marks off of my EQ to get a Grad Plus Loan for school. They allowed me to settle with them. After I paid them, they deleted the collection from all bureaus and marked it as paid in full. The whole thing took about three weeks. They also sent me a letter confirming it was paid in full. I hope this helps.
Starting Score: 650TU 624EQ 613EX
Current Score: 656TU 624EQ 613EX
Goal Score: 750 across the board


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Above scores are according to CK and EX

Fico Scores according to EX: 599TU 609EQ 613EX
Message 15 of 16
New Contributor

Re: Advice on Portfolio Recovery

Something I just learned about Portfolio Recovery.

If you call and ask to speak to the dispute center they can go ahead and remove from your reports without waiting.

Just got off the phone with them. I had two collections with them that I settled about 1.5 weeks ago. I'll update when I see it removed from report.
Message 16 of 16
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