I just got off the phone with Portfolio Recovery and they told me they have a new policy whereby they will delete the tradeline from your credit reports. Considering everything I've read about them on these boards, it seems too good to be true. But, I thought it was worth sharing if it can help someone else. I refused their offer so, have not gotten anything in writing but if they call me back to accept my offer, I will definitely get it in writing and update the post.
My balance is past the SOL which probably has something to do with their newfound willingness. When they called I explained to them that:
At this point she explained their new policy (due to PFD being a major concern of many people). She said it will show as paid in full within 10 days and deleted entirely within 30 days.
They offered me a settlement of approximately 75% of the original debt. I countered with 50% and told them I was not negotiable since the SOL had expired. He tried to counter again and I told him not to waste his breath because when I say "not-negotiable" I meant it. But, that he was welcome to call me back if he changed his mind. $400 is > $0
That said, this brings up a question. Is there any option that would help get back in the good graces of the original creditor (Home Depot card from Citi)? Do I need to pay the full amount for that? partial? Or, because it is already on collections has that boat sailed.
Yes, it is true. Someone on another post just confirmed it. It was deleted from my Experian report. Waiting to see it was deleted from my Equifax report too.
I got a Credit Karma Alert that PRA was deleted from EQ. I settled the account mid September.
My Portfolio Recovery collections account was also deleted recently, havent checked EQ & TU.
FICO 8 SCORES
EX 657 EQ 629 TU 634
I just checked, and it does indeed say on the website that they will delete within 30 days of settlement or final payment.
I still want to see this in writing either on their website like Midland or in a letter to someone.
I dont trust PRA as far as I can throw them!!
Well my paid but settled for less collection with them was deleted this week on my remaining 2 reports (had been previously deleted on EQ due to wrong information still there 18 months after it was paid). But in my case it was already due to fall off between now and the end of November anyway. So I don't if this new policy had any effect. But I'm happy for the rest of you being set free.
So is there any effect on the original account's negative information or is that outside of Portfolio's influence?