PFD to CA, and OC status update with Repo

[Anonymous]

Hi everyone,

I had a repo that is now on my CRs showing Aug 07. I owe $309 and the OC (Triad Financial) shows the account as a charge off.  I have a bill from a CA for the $309 amount that is not on any of my CRs yet.  I am planning to PIF and modify a PFD to a Pay for Not Reporting (to the CA).  

I guess my question is, if I do this, will the status of the TL for the OC be updated, and how will it affect my credit score?  

Thanks!

[kjm79]

If its a closed TL I don't think it should update.  Does the OC TL show a balance or past due amount that would need to be updated to reflect $0?  To be safe, incorporate that into your modified letter that the CA can't report and the OC can't update the TL.  Have you considered or tried offering the PFD with the OC first?

[Anonymous]

The OC TL shows a balance and past due amt of $309. The status is "Charge-Off". My concerns are: updating the OC TL will make it appear more recent than it actually is.. However, I really don't want the balance/charge off status.. $0 and settled or paid would be better.

My concern with a PFD with the OC is that the auto loan, even though it resulted in a repo, is one of the oldest accounts on my report (opened Dec 2001).  I paid on time for 2 years, then lost my job and had quite a few 30's, a few 60's, got back on track, lost my job again.. and they repo'ed the car 3 months before I had it paid off.  Is it better to not have the auto loan on there at all?  I'm afraid that removing one of my oldest accounts (if possible) could hurt my score.

The only other account that old is a credit card I never used that was open for a year, 2001-2002.

Thanks.

[Anonymous]

If the OC is reporting a balance that is a bad thing.  If it is paid they need to at least show the balance as zero.  Whatever ding that may come from that is a lot better than showing a balance owed.

[Anonymous]

That makes sense.

So.. if I can manage a PFD with the OC, I would think that having the repo off of my CR is better than having a longer history WITH a repo.

Has anyone had experience with Triad Financial and PFD's?  I'm wondering what my chances are.  (I only owe $309 on a $11k car loan)

Thanks!

[Anonymous]

Once the money is collected, whether by the CA or OC, the OC will have to update the account to report accurately as FCRA requires.

You can't make that a part of your agreement.

It should show repo/CO- paid after CO or something like that.

I would call the OC and see if they can take the payment and remove from collections. Then, if you want the account removed, asked them if they can do that.

If not, then I would negotiate a pay for not reporting with the CA and then GW the OC to see if you can get it removed(if that is what you want).

[Anonymous]

I should note that while the account status is currently "CHARGE-OFF" and is listed as Bad debt/collection in my Equifax myFICO report, it is only listed under Accounts, and not Collections.  My CRs all say "You have no Collections on file"

Not sure if that changes anything...

[Anonymous]

If reported by the OC, that is how it should be reported.

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psydian wrote:

I should note that while the account status is currently "CHARGE-OFF" and is listed as Bad debt/collection in my Equifax myFICO report, it is only listed under Accounts, and not Collections.  My CRs all say "You have no Collections on file"

Not sure if that changes anything...

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[RobertEG]

Here is my read.

Yes, you had a CO by the OC that was reported to your CR.

And yes, you have now been contacted by a CA, who has not yet reported to the CRAs.

So you want to know who to deal with, and how to deal?

I think there is one missing piece of the puzzle that you must first know.  Who now owns the debt.

The OC clearly brought in a CA,  Did the OC sell this debt to the CA, or is the CA still just a client to collect the debt?  Big ifference. 

If the CA purchased the debt, the OC is out of the picture, and the CA is now the legal holder of the debt, so the CA cannot commit to having the OC delete anything.

However, if the OC still owns the debt, the OC can pull it back from the CA if you negotiate to pay them, requring their deletion of the CA account, OR the CA can agree to accept payment, contingent upon OC agreeent to also delete.

You need to first be sure who currently is the legal owner of the debt before you negoatiate.