I have a PFD letter confirmation from a debt collector, and managed to have the collection deleted from my Experian report almost immediately after disputing. I'm wondering what reason I should choose in the EQ and TU dispute centers. I don't want it reported as paid in full accidentally--the CA says they report once a month, and will tell EQ and TU to delete next month, but I'm anxious about it possibly being reported as paid in full. Am I overthinking this? Should I wait it out, or dispute now?
Hi and welcome!
I would not dispute at all. Worst case scenario it will come back verified. If you have the letter and they told you 30 days, wait.
Also, if you already negotiated PFD, you cant really claim that's it's not yours.
Be patient, it will happen, dont make it worse in the meanwhile.
Which CA is it? Others may have some experience with their PFD practices
A dispute must provide as basis some assertion and showing that reported information is inaccurate.
A reported collection is not inaccurate based on a side-agreement between the consumer and the debt collector to delete reporting.
A dispute that only provides as basis for inaccurate reporting that the furnisher has agreed to delete can be dismissed as lacking basis for any asserted inaccuracy, and dismissed without any investigation/reinvestigation as being "frivolous or irrelevant."
CRA reporting policy, as clearly set forth at numerous places within their common credit reporting manual, is that collections are not deleted based on payment of the debt. Thus, requesting that a CRA find reporting to be inaccurate based on payment of the debt is asking them to delete contrary to their own published reporting policy.
A PFD agreement is a contract between the consumer and the furnisher, and any violation is pursued via a civil breach of contract action by the consumer, and not by way of showing of inaccuracy in reporting under the FCRA.