I got an alert on my Experian credit monitoring service this morning that a new collection was added to my report. Turns out its Portfolio for a Cap One charge off thats been deleted for a while off my reports. I email them a pfd for 40% of original balance immediately. I also state that by me offering a settlement Im not acknowledging the debt & retain my right to ask for verification & validation at a later time if need be.
Attached is their response. Wondering how should I go about this now. Should I mail them a letter instead?? Im thinking bout calling as well but not too sure of my negotiating skills & not trying to get caught up with "trick" questions & possibly make matters worse for myself. Any thoughts & input is greatly appreciated.
@Anonymous wrote:I got an alert on my Experian credit monitoring service this morning that a new collection was added to my report. Turns out its Portfolio for a Cap One charge off thats been deleted for a while off my reports. I email them a pfd for 40% of original balance immediately. I also state that by me offering a settlement Im not acknowledging the debt & retain my right to ask for verification & validation at a later time if need be.
Attached is their response. Wondering how should I go about this now. Should I mail them a letter instead?? Im thinking bout calling as well but not too sure of my negotiating skills & not trying to get caught up with "trick" questions & possibly make matters worse for myself. Any thoughts & input is greatly appreciated.
Call them with your offer for PFD. Asked for it in writing. They will tell you that they cannot email or send via standard mail, but may be able to fax. (they do this a lot, because they know a lot of people don't have a fax number). Get a fax number before you call. Check these boards and Google re experiences w them as well. I have had a collection with them, and they removed the item as per the PFD agreement.
Don't send template emails acknowleging what your rights are and what you are not "admitting to" etc. Keep it simple and civil, otherwise it muddies things up. You want; 1. them to accept your offer 2. confirm PFD in writing before you pay 3. removal of the collection item from your reports.
I am not sure that they will accept 40% unless you have an idea of what they will accept nowadays. Give yourself room and when you call tell them you can pay $___ now if they can fax the PFD letter. (don't tell them you have a fax number; wait until they say, "we can't email or mail the PFD...do you have a fax number???" You can really get inexpensive secure faxing services online w a monthly fee.
Good luck.
Their FAQs state that they will delete the account once it's closed. As long as the original account is older than 2 years, you're fine. Pay them.
@FireMedic1 wrote:@Brian_Earl_SpilnerGot them backwards. Its Midland that has the 2 yr deal. PRA doesnt.
Yup, you're right. Midland requires the debt to be 2 years old. PRA deletes it once it's paid regardless.
Congrats. I think it took about 2-3 weeks for me. The settlement payment updated in a day or two. Then it disappeared a couple of weeks later.