cancel
Showing results for 
Search instead for 
Did you mean: 

Portfolio Recovery--2 questions

Highlighted
Established Member

Portfolio Recovery--2 questions

I'm new at this and I've been trying to read everything on the forums that I can, but I still have a couple of questions:

 

I received an offer from PRA to settle my old account with them. They gave me 2 options: 1) Pay the full balance and "Your account will be considered paid-in-full after your final payment is successfully posted" or 2) Pay a reduced amount and "The savings will be applied to the balance and your account will be considered paid-in-full for less than the full balance after your final payment is successfully posted". Then the letter reads, "Within approximately 30 days of your final payment successfully posting, we will request that the three major credit reporting agencies delete our tradeline related to your account from your credit reporting agencies delete our tradeline related to your account from your credit bureau report." If they are going to delete it from my tradeline, does it matter which I option I choose? 

 

My second question is what happens to my credit report in regards to original creditor? Does that status change or it just stays there as a charge off?

 

Thanks in advance for any help!

Message 1 of 3
2 REPLIES 2
Highlighted
Community Leader
Senior Contributor

Re: Portfolio Recovery--2 questions

In response to 1, pay the settlement amount. It’s less money and thevreporting will still be deleted without a trace.

2 - the OC reporting will remain unless you can convince them to remove it. It is a correct listing - you did owe the money and it was charged off. You can try the GW route to clear that.


Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | PenFed PCR | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





TCL $87,400 | Agg. Util under 5%
Message 2 of 3
Highlighted
Super Contributor

Re: Portfolio Recovery--2 questions

It will be deleted per co. policy. The CO should read 0 balance if it was sold to the CA. Then you can try the GW Saturation technique to get it removed here: https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-...

Good luck! Welcome to the forum!

Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.