Not sure what to do about a collection on my report

[Anonymous]

Hello, first post here. Looking for some advice.

I have a collection from Portfolio Recovery Services from a Citibank card. It's for $3100. I think it's dragging down my scores and I might have to get a car loan sometime this year.

Is it better to dispute directly with each CRA first or send a debt validation letter to the collection agency first? I think some of the dates are wrong on the tradeline.

Also not sure if this matters, but I have never been contacted by Portfolio Recovery Services by phone or email about this debt. It's from early 2017. Is this what people mean when they say "don't poke the bear?" It's due to fall off 4/2023 if that matters.

Thanks for any advice. 

[Anonymous]

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@Anonymous wrote:

Hello, first post here. Looking for some advice.

I have a collection from Portfolio Recovery Services from a Citibank card. It's for $3100. I think it's dragging down my scores and I might have to get a car loan sometime this year.

Is it better to dispute directly with each CRA first or send a debt validation letter to the collection agency first? I think some of the dates are wrong on the tradeline.

Also not sure if this matters, but I have never been contacted by Portfolio Recovery Services by phone or email about this debt. It's from early 2017. Is this what people mean when they say "don't poke the bear?" It's due to fall off 4/2023 if that matters.

Thanks for any advice. 

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Luckily Portfolio does both settle and delete the TL as a matter of policy.

I would avoid disputing unless it is terribly innacurate. Since it is a CA, diciphering the dates can be tricky. What dates are wrong, exactly?

Also note, disputing potentially innacurate dates does not make it go away, all they are required to do is update those dates, then it will come back verified and potentially ding your score further.

If it is your account, I would settle it and have it deleted. If it is your only CA, you will likely see a nice score boost.

CAs definitely weigh your scores down. Do you have any other baddies? A charge off to go with the collection account? Other lates, charge offs, or collections?

The other option is to wait it out 2 more years to fall off your credit. You will still owe it even if it is no longer on your credit reports. It sounds like you need yo use your credit soon, so that is probably not your best option.

Is it outside the SOL? It appears to be nearly 5 years old. You may be able to settle for much less since it is quite old and potentially outside the SOL.

[OmarGB9]

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@Anonymous wrote:

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@Anonymous wrote:

Hello, first post here. Looking for some advice.

I have a collection from Portfolio Recovery Services from a Citibank card. It's for $3100. I think it's dragging down my scores and I might have to get a car loan sometime this year.

Is it better to dispute directly with each CRA first or send a debt validation letter to the collection agency first? I think some of the dates are wrong on the tradeline.

Also not sure if this matters, but I have never been contacted by Portfolio Recovery Services by phone or email about this debt. It's from early 2017. Is this what people mean when they say "don't poke the bear?" It's due to fall off 4/2023 if that matters.

Thanks for any advice. 

---

Luckily Portfolio does both settle and delete the TL as a matter of policy.

I would avoid disputing unless it is terribly innacurate. Since it is a CA, diciphering the dates can be tricky. What dates are wrong, exactly?

Also note, disputing potentially innacurate dates does not make it go away, all they are required to do is update those dates, then it will come back verified and potentially ding your score further.

If it is your account, I would settle it and have it deleted. If it is your only CA, you will likely see a nice score boost.

CAs definitely weigh your scores down. Do you have any other baddies? A charge off to go with the collection account? Other lates, charge offs, or collections?

The other option is to wait it out 2 more years to fall off your credit. You will still owe it even if it is no longer on your credit reports. It sounds like you need yo use your credit soon, so that is probably not your best option.

Is it outside the SOL? It appears to be nearly 5 years old. You may be able to settle for much less since it is quite old and potentially outside the SOL.

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+1 to all of the above.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Hello, first post here. Looking for some advice.

I have a collection from Portfolio Recovery Services from a Citibank card. It's for $3100. I think it's dragging down my scores and I might have to get a car loan sometime this year.

Is it better to dispute directly with each CRA first or send a debt validation letter to the collection agency first? I think some of the dates are wrong on the tradeline.

Also not sure if this matters, but I have never been contacted by Portfolio Recovery Services by phone or email about this debt. It's from early 2017. Is this what people mean when they say "don't poke the bear?" It's due to fall off 4/2023 if that matters.

Thanks for any advice. 

---

Luckily Portfolio does both settle and delete the TL as a matter of policy.

I would avoid disputing unless it is terribly innacurate. Since it is a CA, diciphering the dates can be tricky. What dates are wrong, exactly?

Also note, disputing potentially innacurate dates does not make it go away, all they are required to do is update those dates, then it will come back verified and potentially ding your score further.

If it is your account, I would settle it and have it deleted. If it is your only CA, you will likely see a nice score boost.

CAs definitely weigh your scores down. Do you have any other baddies? A charge off to go with the collection account? Other lates, charge offs, or collections?

The other option is to wait it out 2 more years to fall off your credit. You will still owe it even if it is no longer on your credit reports. It sounds like you need yo use your credit soon, so that is probably not your best option.

Is it outside the SOL? It appears to be nearly 5 years old. You may be able to settle for much less since it is quite old and potentially outside the SOL.

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Hi thanks for the response. I think the date it went to charge off status is wrong although I'm not 100% sure.

I do have other negatives. Three different charged off accounts settled for less than full balance in 2017. If I would've known about pay for delete back then I would've tried that.

My scores range from 630 to 673. My score from CreditWise is 728 although I know this is kind of a fake score.

The SOL also confuses me. Is it the state where I live now or the state I used to live or the state where Citibank is located? It says charge off opened June 2017.

So I guess the thing I should do is send a debt validation letter to Portfolio? Sorry all these terms confuse me a little. 

Thanks again.

[Anonymous]

I wrote a whole reply and it got marked as spam and deleted. Ugh not sure how that happened.

I think the date it went to charge off status (June 2017) is not accurate but I could be wrong.

I do have other negatives, three different charge offs settled for less than full balance in 2017. All scheduled to fall off early 2023. I wish I had known about pay for delete back then.

My current scores range from 630-673. Creditwise is 728 although I know it's not very useful. 

Also confused about the SOL. Does it apply to my current state, my former state or the state where Citibank is?

Thanks again.

[simplegirl]

Since it falls off in 2023 the DOFD is in 2016 not 2017 because my DOFD for all my negatives are from 2017 and don't fall off until 2024.

[Anonymous]

Gotcha thank you.

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@simplegirl wrote:

Since it falls off in 2023 the DOFD is in 2016 not 2017 because my DOFD for all my negatives are from 2017 and don't fall off until 2024.

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[Anonymous]

I guess my main question would a debt validation letter be accurate in this situation even though Portfolio Services has never contacted me before?

I'd like to settle and get this off my reports if at all possible.

[simplegirl]

If you want it off ASAP a debt validation would be a waste of time and portfolio deletes after settlement I know this from experience. I've had 3 collections from portfolio all settled for less and all have been removed from my reports. So i would give them an settlement offer and they may accept it or counter and then just pay it and wait for it to come off your reports. I paid the December 7th 2020 and it was removed from Transunion first then Experian yesterday not sure about Equifax just yet.

[Anonymous]

Thanks for the info. 

Can I ask you how did you initiate everything? By phone call or by certified mail? I think I should do it by mail probably but I'm not sure.