Capital One and portfolio recovery

[Anonymous]

hi all

I recieved a letter from capital one stating that my charged off cc account was sold to portfolio recovery. Portfolio recovery has not contacted me yet and they havent reported to the cra, so should i make the first move and contact them? Is it possible if i settle the account that they wont report it to the cra?

[gdale6]

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@Anonymous wrote:

hi all

I recieved a letter from capital one stating that my charged off cc account was sold to portfolio recovery. Portfolio recovery has not contacted me yet and they havent reported to the cra, so should i make the first move and contact them? Is it possible if i settle the account that they wont report it to the cra?

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 I would make a deal with them to pay in exchange for it not reporting. Reporting collections costs the CA/JDB money and they may not be willing to spend it if its been paid.

[Anonymous]

When i call them should i tyry to make a deal for a lower amount? Should i even mention them not reporting it to the cra, i dont want to poke the bear sort of speak. 

[RobertEG]

How old is the debt (i.e., what is the DOFD)?

Is it still within SOL?

What is more important, saving $$ or preventing credit reporting?  That may depend on how old the debt is, and whether you need new credit prior to exclusion of any reporting of the collection.......

[Anonymous]

Debt is 3 years old and still within the sol. At this point my credit since i am trying to rebuild, my scores started in the low 400's and are now close to mid 500's and i dont want anything to bring them down. I just want to make sure if i contact them i dont say anything or do anything that will get them to report it to the cra. I dont have much money so i dont want to pay the full amount, the debt is for $229.