First Premier Questions

tagreen0927 · ‎12-21-2011

Any help / advice is greatly appreciated... I received a settlement offer on a charge-off by First Premier. The offer was done by a collection agency. I tried to contact FP directly to settle but they would not cooperate. So I did accept the settlement offer by the CA so that the CA wouldn't get on my credit report. I paid the offer as it was presented in the letter. $300 for a $550 charge-off. A month later FP updates my CR as follows: Status: Collection account. $592 written off. $291 past due as of Dec 2011. Credit Limit/Original Amount: $400 High Balance: $593 Recent Balance: $291 Recent Payment: $0 Account History: Charge Off as of Oct 2008, Sep 2008 Collection as of Dec 2011 120 days past due as of Aug 2008 90 days past due as of Jul 2008, Feb 2008 60 days past due as of Jun 2008, Jan 2008, Nov 2007 30 days past due as of May 2008, Dec 2007, Oct 2007, Nov 2006 I don't get it! I didn't expect for the account to be deleted; but I certainly didn't expect a balance. Any advice on what I should do now? I am afraid how this will now affect my score with the update. Any advice is greatly appreciated. Thanks.

AndySoCal · ‎12-21-2011

Two questions did First Premier sell the debt to the CA in other words does the CA own the debt? Do you have anything in writing from the CA that the settlement was for paymenti in full for this debt.

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tagreen0927 · ‎12-21-2011

I am unsure on the CA relationship with FP. The CA does not appear on my CR, only FB. The letter I received states: ...."an offer of $291 to satisfy this account.". I assumed ( maybe incorrectly this meant in full.). This is so complicated and confusing!

AndySoCal · ‎12-22-2011

I would make the same assumption regarding what the offer meant IE payment in full. In your dealings with FP have you sent them a copy of this letter? If so what did they say? I would also think about disputing this with the credit bureau.as incorrect reporting. To support this I would send them letter and proof of payment. I presume the letter makes reference to First Premier somewhere in it.

FICO Scores XPN v8 805 V2 831 (SDFCU) TUC V 8 800 07/25 EFX Bankcard v8 822 EFX FIC0 v8 808 Vantage score 4.0 817 via JC Penney
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tagreen0927 · ‎12-22-2011

Thanks for the advice. I called FP today and they just received all the documentation from the CA. Supposedly they are updating status to closed; paid after charg-off with no balance. They said it will take a couple days to reflect. I'll give them a week and if no change, plan to follow-up again. Fingers crossed! Thanks again. This forum is wonderful

@AndySoCal wrote:
I would make the same assumption regarding what the offer meant IE payment in full. In your dealings with FP have you sent them a copy of this letter? If so what did they say? I would also think about disputing this with the credit bureau.as incorrect reporting. To support this I would send them letter and proof of payment. I presume the letter makes reference to First Premier somewhere in it.

AndySoCal · ‎12-22-2011

Good to here !! It may take a month or so for this to reflact on your credit report. Depends on how and when FP reports the change to the bureaus.

FICO Scores XPN v8 805 V2 831 (SDFCU) TUC V 8 800 07/25 EFX Bankcard v8 822 EFX FIC0 v8 808 Vantage score 4.0 817 via JC Penney
JC Penney 10/2008 4,700 US Bank Cash 08/2010 12,000 Citibank Custom Cash 5/2015 14,100, State Dept. FCU 06/2023 30,000 02/2024 Redstone FCU Signature VISA 10,000 08/23/2024 Commonwealth Credit Union 15000 07/25 Walmart One 5000 12/04/25
Banks and Credit Unions: Lafayette FCU Fortera FCU State Department FCU Redstone FCU Hughes FCU Commonwealth FCU Veridian Credit Union Utah Community Credit Union
My personal blacklist Axos Bank, Bank of America, Synchrony Bank Capital One TD Bank BMO Langley FCU Paypal Barclays

RobertEG · ‎12-23-2011

The only update the OC is required to make upon payment of the debt is the currrent status of paid, and the current balance owed of $0. The reporting of the amount charged-off and the monthly delinquencies leading up to that charge-off, as well as their prior referral of the account for collection, are all legitimate reporting, even after payment of the debt. They accurately record prior events and status, and are not overwritten by ultimate payment.

Just make sure the current status reports paid, and the balance due reports $0.

AndySoCal · ‎12-23-2011

Most likley the status will be paid charge off.

FICO Scores XPN v8 805 V2 831 (SDFCU) TUC V 8 800 07/25 EFX Bankcard v8 822 EFX FIC0 v8 808 Vantage score 4.0 817 via JC Penney
JC Penney 10/2008 4,700 US Bank Cash 08/2010 12,000 Citibank Custom Cash 5/2015 14,100, State Dept. FCU 06/2023 30,000 02/2024 Redstone FCU Signature VISA 10,000 08/23/2024 Commonwealth Credit Union 15000 07/25 Walmart One 5000 12/04/25
Banks and Credit Unions: Lafayette FCU Fortera FCU State Department FCU Redstone FCU Hughes FCU Commonwealth FCU Veridian Credit Union Utah Community Credit Union
My personal blacklist Axos Bank, Bank of America, Synchrony Bank Capital One TD Bank BMO Langley FCU Paypal Barclays

Booner72 · ‎12-23-2011

In my experience, FP is pretty quick to update things.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720

Anonymous · ‎12-24-2011

I'm going thru the same thing with FP! I did a settlement offer and paid it as agreed upon however they left the words "Charge Off" on my credit reports and its currently stopping me from having a 750+ Fico across all 3 bureaus. I'm not sure what to do as I disputed with the bureaus online already. All 3 of them updated the info however it still says Charged off....does anyone here know how to remove charge offs???