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I sent a PFD letter to Portfolio about 3 weeks ago. On the 27th the collection was removed from all 3 credit bureaus. It was still removed as of this morning. I got a letter today from Portfolio dated 11/29 (two days after the removal) validating the debt. I never actually disputed the validity of the debt, but that's the response I got.
I'm sensing it's a matter of time before they re-report the collection. I don't understand why they removed it in the first place. I want to call them and offer to PIF in the hopes that they will leave it off the report.
Anyone have thoughts on this? I'm in a straight panic.
Yes. If the debt is validated it'll show back up on the CRAs, updated when the date of the dispute started. This is NOT an update to the SOL or DOFD, the debt just updates current. If it wasn't already reporting monthly, it'll drop your FICO score. If it was reporting monthly, it won't matter score wise.
The normal reason for unexpected deletion of a collection is that the debt collector's collection authority has been terminated.
If the debt collector has assigned collection authority, then termination can be done by either the current owner who assigned the authority, or the assigned debt collector.
If the debt collector owned the debt, their collection authority is automatically terminated if they sell the debt.
Either was, if the debt remains unpaid, then CRA policy instructs the debt collector to delete their reported collection.
If a new debt collector becomes involved, they can report their own collection.
There may be other reasons why a debt collector has voluntarily deleted. If unsure, you can give them a call.
If they no longer have collection authority, they cannot negotiate any payment of the debt.
As to the basic question posed in the original post, certain OC account information is removed by FICO from scoring while a dispute of that information is pending, but the information is not removed from your credit report.
You may notice a temporary score change during a pending dispute......