One charge off, how can I PFD or Pay for Delete this account with LVNV FUNDING LLC?

[Anonymous]

Hi everyone.

First thank you! I don’t know what I’d do without a place like this. I am trying to qualify for an FHA Mortgage so I can get my family out this apartment, and I have one baddie in my credit history. A $597 charge off from a Credit One Bank that is now with LVNV FUNDING LLC. I have the money to pay it off I'm just want it gone. That card was a nightmare, and I’ll save you the sob story but I don’t want to deal with them ever again. How do I go about requesting a pay for delete? Do I call, or write a letter? What do I say on a call? Do I have to pay in full to have it removed? Is the whole tradeline gone or just the charge off meaning the lates still show? Sorry if these are redundant questions but I saw different answers on other peoples questions so I thought it best to ask directly for the information I need. Thanks in advance for your time!

[OmarGB9]

Lucky you, LVNV automatically deletes upon payment in full or settlement! It's in their FAQ section of their site. No need for a letter or anything.

As for the original CO, well you tell us. What do your reports say? Is there still a TL for Credit One? If so, it should say $0 for the balance if they indeed sold it to LVNV. As to getting it removed, the only way is via GW removal. This means sending them letter asking them to kindly remove their charge off from your reports. It's not guaranteed they will do it, but lately it seems people have had good luck with Credit One granting the GW removal, so it's worth a try.

[RobertEG]

I assume that both the original creditor and the debt collector have reported to the CRA.

Reporting by the creditor of your account with them and reporting of a collection by a debt collector are totally separate.

As such, only he party who reported the information can make a binding agreement to delete their reporting.

If you wish the creditor to delete information reported by them, then a pay for deletion request would be made to the creditor, and not the debt collector.  However, if you seek deletion of a reported collection, then your PFD offer would be sent to the debt collector.

Thus, the first question is which reporting are you seeking to delete?

You may not, however, have control over who may accept payment.

If the debt collector has purchased the debt, then the creditor can no longer accept any payment, and thus a PFD would only go to the debt collector, requesting deletion of their reported collection.

If the creditor still owns the debt, with the debt collector thus only having assigned collection authority, you could theoretically pay either.

However, the creditor can decline to accept payment from you, requiring that you make any payments and related negotiations thru their assigned debt collector.  In that event, the debt collector cannot make any binding agreement to delete reporting made by the creditor without express concurrence of the creditor, and thus a PFD might only be possible with respect to the collection.

As for what you wish to have deleted, if the PFD is sent to the creditor, you can offer payment in exchange for deletion only of derogs, or you can offer payment in exchange for entire deletion of the account.  You are making a contract offer, which could be any terms of your choosing as long as its provisions are not illegal.

If the PFD is directed at the collection, then you offer payment to the debt collector in exchange for deletion of their reported collection.

You would, if accepted, then pursue deletion of derogs reported by the creditor, or of their entire account, by way of a good-will request separately sent to the creditor.

[Anonymous]

Thank you! I just created an account and I see my payment options. I'm going to pay it now, when should I check back to see if it's been deleted? Regarding the tradeline I only see the LVNV reporting so I'm just to pay it and wait. Thanks again! 

[Anonymous]

Thank you. I only see LVNV reporting so I'm just going to pay it. I appreciate the very through breakdown, hopefully I'm never in this position again but that was very educational. 

[OmarGB9]

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@Anonymous wrote:

Thank you! I just created an account and I see my payment options. I'm going to pay it now, when should I check back to see if it's been deleted? Regarding the tradeline I only see the LVNV reporting so I'm just to pay it and wait. Thanks again! 

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Once it's paid and updated in their systems, should be between 30-60 days, though it usually takes 30 or less.