PFD

[Anonymous]

is there a standard letter i can send with my payoff to collection reqesting a PFD?

thanks

[Anonymous]

Collection Agency
1212 Maple St
City, State Zip

Re: Collection Account for Original Creditor Account #: 00000xxxx

Amount: $25.00

To Whom It May Concern:

This letter is to inform you that the validity of this debt is disputed. I am not sure of the account number, as I have never heard from you regarding this account. The account number I have is the one listed on my Experian credit report – which omits the last few digits.

In the spirit of compromise, I am willing to pay this account IN FULL (or settlement percentage) if you agree to immediate deletion of this account from any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to have this item removed from my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.

If you agree to the terms and accept this agreement, certified funds for the settlement amount of twenty-five dollars ($25.00) will be sent to Collection Agency in exchange for full deletion of ALL references regarding this account from my credit files and full satisfaction of the debt. As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies.

Collection Agency agrees to delete ALL information regarding this account from the credit reporting agencies WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, Collection Agency will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.

If you agree to the above terms, please prepare a letter on your company letterhead explicity agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Collection Agency. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.

Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act.

Please address all correspondence regarding this account to:

You
123 Any Street
City, State Zip

[T50]

Will this work for emailing purposes as well?  Or does anyone have the emails they sent???

[Anonymous]

Hello

Here is my situation I have 3 Negatives on my CR one is for a Walmart CC that I have paid for less than full balance one for a Target CC with charge off of 5700  and a Citi CC with a charge off of 3000 both the TargetCC and the Citi CC have been in charge off status since January of 2008.

I have called Walmart about removing it from CR and was told that I must wait 7 years before it will be removed.

Would the GW option be my next step and is there anythingelse I can do? 

As far as the Target and Citi I am willing to pay them off but not if its just going to stay on my record like the Walmart which is why I have not paid them.  I also do not understand the whole SOL thing that has been discussed is it possible for them to sue me for the money owed? Does a PFD work for CC and is that my best option right now?

Also they are both being reported monthly as derogatory on my report.

[BungalowMo]

DV's are to be sent CMRRR.  Do not sign.  Type name only.

[BungalowMo]

Lookin4...you should start your post separately.  In this thread it won't draw much attention. 

Also...go to the top of this forum and read "what steps do I take..."  Don't start randomly sending mail or calling people.  The steps are all up there.

Get your 3 free reports too.  Link is in my sig block.

[expatCanuck]

A question about the PFD phrasing -- does the collection agency delete a collection account, or do the bureaus?

I was under the impression that it was the bureaus. 

If so, shouldn't the PFD letter specify that the CA agrees 'to instruct the credit bureaus to delete the account', or words to that effect?

[RobertEG]

The deletion is done by the debt collector, not the CRA.

Once a PFD is agreed to, the debt collector has created a contract term that they must comply with.

CRA policy, as clearly stated in both their credit reporting manual and their credit reporting agreements with furnishers, is that a furnisher should not delete reporting based on payment of the debt.  It is in the CRA interest to maintain the completeness of their files and credit reports, which enhances their business value.  Thus, they have a policy that clearly opposes such deletions.

Requesting the CRA to delete based on a PFD agreement is requesting that they act contrary to their own stated policy, and further advises the CRA that the furnisher has agreed to act contrary to their credit reporting agreement with the CRA.

As for the previously posted sample PFD letter, I have several concerns with provisions therein.

I would not include any reference to dispute of the validity of the debt, as FDCPA 809(a) defines dispute of validity of the debt as a condition for request of debt validation.  It thus could lead to the debt collector treating the letter as a DV request.  If the DV is received within 30 days of their dunning notice, it imposes an automatic cease collection bar, which precludes any communiication/response that is related to continued collection of the debt.  

I also would not set limitations on response time or requirment that it be on letterhead signed by an official.

That is an uncessary limitation that could lead to self-destruction of your PFD request based on your own time constraint.

I would keep it very simple, and ask only for acceptance of the payment offer.

[Anonymous]

Never make demands of a good will request. Just state your case clearly and be nice about it.

Don't use form letters found online as those get thrown out because so many lazy people use them. Never copy another person's good will letter.

Send them to the CA or OC and never to the CRAs.