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FCO Settlement. How to Get It Removed?

DriverMonster
New Contributor

FCO Settlement. How to Get It Removed?

Hello. I have an account in collections with FCO Fair Collections and Outsourcing in the amount of $734.41. They have agreed to accept a settlement of $220.32 and they will report to the credit bureaus that the account is closed as settled in full. I don’t mind paying that amount. I would definitely like to get this settled. I know this company is notorious for not having the item removed from credit report but is there anything I can do or say to them to get it removed? Any advice would be helpful.
Message 1 of 9
8 REPLIES 8
DriverMonster
New Contributor

Re: FCO Settlement. How to Get It Removed?

Does a settlement look bad on credit report? Worse than a paid in full?
Message 2 of 9
creditwarrior2317616
Valued Contributor

Re: FCO Settlement. How to Get It Removed?

Settling looks worse than paying in full because it suggests to future lenders that they may take a financial loss if they extend credit to you. Paying in full, on the other hand, shows lenders that even though you were severly behind, you got your act together and paid back your debt—every cent of it. You are seen as less risky. Smiley Wink

 

However, if you settling is financially better for you, I would do it. Credit scores are not everything. Smiley Happy

 

 

Message 3 of 9
Medic981
Valued Contributor

Re: FCO Settlement. How to Get It Removed?

I have no experience with FCO, however, yes a settlement is not as good as a PIF. The best outcome would be a PFD. I know others more knowledgeable will toss in their two cents.

















Your FICO credit scores are not just numbers, it’s a skill.

Message 4 of 9
creditwarrior2317616
Valued Contributor

Re: FCO Settlement. How to Get It Removed?


@Medic981 wrote:

I have no experience with FCO, however, yes a settlement is not as good as a PIF. The best outcome would be a PFD. I know others more knowledgeable will toss in their two cents.


+1

 

PFD (Pay for Delete) should always be your first choice.

Collection agencies are more inclined to honor a PFD trequest han the original creditors. 

 

What's PFD?

In exchange for full payment on the balance, the current owner of the debt will delete the derogoratory account from your credit reports. If you plan to go this route, make sure to do everything in writing. 

 

Here are some links on PFD Smiley Happy:

Message 5 of 9
ysw2017
New Member

Re: FCO Settlement. How to Get It Removed?

How did you get them to agree to a 30% settlement? Ive been sending emails.  The lowest they have gone for me was 70%. I am going to keep trying!!


@DriverMonster wrote:
Hello. I have an account in collections with FCO Fair Collections and Outsourcing in the amount of $734.41. They have agreed to accept a settlement of $220.32 and they will report to the credit bureaus that the account is closed as settled in full. I don’t mind paying that amount. I would definitely like to get this settled. I know this company is notorious for not having the item removed from credit report but is there anything I can do or say to them to get it removed? Any advice would be helpful.

 

Message 6 of 9
DriverMonster
New Contributor

Re: FCO Settlement. How to Get It Removed?

I’m not very sure. I don’t remember if I offered that amount but I’m pretty sure they are the ones who offered the amount.
Message 7 of 9
DriverMonster
New Contributor

Re: FCO Settlement. How to Get It Removed?

I’m not very sure. I don’t remember if I offered that low but I believe they offered that amount.
Message 8 of 9
ysw2017
New Member

Re: FCO Settlement. How to Get It Removed?

That's awesome!

Message 9 of 9
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