Dumb question....

[Anonymous]

Im new to the forum....Im trying to clean up my credit and just have question...An account that I have has been charged off, a few for that matter..If a ca is handling it now, but they are not reporting on my cr, if I pay them how is listed on my cr?  Do they let the oc know that i pif so they can update on my report, or does it stay as a charged off?..

[nothingman02]

Hi Chuck,

Welcome! Its not a dumb question. Assuming all's well, what you'd want to do is to obtain a PFNR (pay for not reporting) from the CA in writing. Then you can PIF the CA. You can always GW the OC later. 

I'd recommend however to first obtain all the 3 credit reports and check all the information in there. 

ETA: If they are collecting for the OC, they would forward the funds to OC. Good thing here is that if the CA refuses a PFNR, you could try to pay the OC directly. 

If they have bought the debt form the OC, then they have already paid the OC are not going to inform them about anything. 

Message Edited by nothingman02 on 04-11-2009 05:07 PM

[Anonymous]

Should I send verification letters first?

[Anonymous]

also, if the ca did buy the debt from the oc, then i should pay them so they wont report to the cb?...This is soooo confusing...

[Cinnnamon]

Shoot if they not reporting.. then don't give them an remembrance to do it. ... also it best to let them forget than remind them to do it. hahahaha. Depending on your state, it may be too old. Called SOL -statute of limitations. and it passed 7 yrs. How old is your debt? The OC can tell you if it's only assigned and the oc still owns it or if the CA actually bought the debt as you can request proof. What is the date of last missed payment. What kind of debt is it? School loan, credit card, mortgage, etc; What state are you in?  

[Anonymous]

Just because you pay a CA it does not mean they will not report to the CRAs.  They do it all the time.

Send the CA a letter stating you will PIF if they do not report to the CRA.  Get it in writing before you send them money.

[Anonymous]

I live in Pa...It was a fingerhut acct and the date off last paym was 3/07..

[Anonymous]

There are 2 different SOLs.  One is for how long an account can stay on your CR (7 - 7.5 years after DOFD) and is federally mandated.  The other is the time frame some one can sue you over a debt.  This one is determined by they state you are in or the state you where in when you got the credit.

PA has a 4 year SOL on credit card debt.  This means you are still within SOL and they can sue you.

If it is not a lot of money I would send the CA a PIF letter for not reporting.

Message Edited by guiness56 on 04-11-2009 06:13 PM

[Anonymous]

If you can PIF, then I would DV the CA. I would only advise DV"ing a CA when you are within SOL if you can PIF.

While you are waiting for that response, call the OC(I think Citi backs Fingerhut) and see if they still own the account. If they do, ask if they'll accept payment and call the account back from the CA. If they agree, then get it in writing and pay them, then the CA is out of the picture.

Because it is a CO, it will remain a CO, but will be a paid CO.

If the OC won't accept payment and the CA validates properly and you can PIF, then negotiate a pay for not reporting. Get it in writing!