Cleaning up. How to handle Portfolio recovery

[Anonymous]

Hey all,
I had a couple rough month a few years back and it's time to clean up my report. I searched for hours of how to take care of Portfolio Recovery but Hansen found s solid answer in how to handle the collection. The original balance is $30 and they did send me a letter saying they would settle for $280. Equifax i's reporting this under closed accounts, but they do update the date monthly. Experian and transunion actually report it as an unpaid collection. The open date was Oct 2016, so it wont fall off my credit for another 4 years under MN Statue of limitations. What should I do? Pay the settlement offer or the full amount and try for dispute after payment was made? It doesn't seem like Portfolio does PFD.
Thank you for all your advice!

[Anonymous]

Everything I have read on this forum says that portfolio is one tough company to deal with. I seen that they will absolutely not do a PFD. Some people also said that they love to sue people. Or is up to you what yoy decide to do but from the sounds of it I would see if you can come to an agreement with them and just pay the account off.

[Anonymous]

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@Anonymous wrote:
Hey all,
I had a couple rough month a few years back and it's time to clean up my report. I searched for hours of how to take care of Portfolio Recovery but Hansen found s solid answer in how to handle the collection. The original balance is $30 and they did send me a letter saying they would settle for $280. Equifax i's reporting this under closed accounts, but they do update the date monthly. Experian and transunion actually report it as an unpaid collection. The open date was Oct 2016, so it wont fall off my credit for another 4 years under MN Statue of limitations. What should I do? Pay the settlement offer or the full amount and try for dispute after payment was made? It doesn't seem like Portfolio does PFD.
Thank you for all your advice!

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By open date do you mean the Date of first Deliquency or the day of the account being opened by you? or Date Porfolio recovery started reporting? I ask because State of limitations is just the window in which they can sue you for. It would be on your credit report for 7 years.

From what ive read on this boards, is that only option you have with them. is Pay and later send GW letters in hope they remove from your credit report.

Good luck! keep us informed!

[Anonymous]

Its the portfolio account that was opened in Oct 2016. It was originally a Capital one credit card. What I find kind of odd is that the original credit card account completely disappeared from my credit reports. I do want to pay that. Maybe I'm able to dispute you the credit bureaus after. The question is tho, should I settle for 280 or pay the original balance of 361?

[DapprD]

From my understanding, if you pay the settled amount, they will not budge at all later on when you try to send the GW letters.

Since the amount is not a substantial saving (difference of $81) I would pay in full, so they can't use the fact that they gave you an $81 discount to hold over your head and keep your feet to the FIRE for it.

Just my 2 cents, I'm dealing with one, where I paid the settled amount and I wish I would have just paid the extra $150 in my case to have any shot at trying to get it off.

[Anonymous]

So I decided to pay the amount past due in full two days ago and they took the money out of my account today. I'll keep you guys posted.

[Anonymous]

what was the results I’m about to have to deal with them

[Anonymous]

Portfolio Recovery has a new policy and will in fact do a PFD. It's on their website. 

[ladeda8971]

Hey OP - I have 2 accounts with Portfolio, which will be PIF in about a month.  The policy listed on their website clearly states they will delete from the 3 bureaus once paid (needs to be at least 2 years old I think).  I also confirmed that with 2 different reps on the phone.  Good luck!

[CreditCuriosity]

Post is over a year old thus locked.  If you want to create a new post feel free to as likely OP has moved on.  We typically try to lock posts if they are a year or older.  Thanks