Portfolio Recovery

[Cjethompson2017]

Has anybody had their status update to $0, Reached An Agreement With A Lender To Repay Only Part Of The Original Debt? And then deleted afterward? That was not the agreement I had with them. And not what they show on their website. Every other collection agency just deletes and it doesn't update to that. Any idea what's going on?

[Red1Blue]

What is your question? If you have a collection with PRA and either pay in full or make settlement and pay settled amount they will delete it from your report. It is stated on their website. Not sure what you are asking.

[Cjethompson2017]

Oh, I was not very clear. Sorry. Lol. I paid a settlement amount, and when I woke up this morning I had a myFico alert saying an account had updated. So, the account updated to show I paid and that I reached an agreement to repay part of the debt. Instead of just being completely deleted off my credit report. I'm just wondering if it's normal to have this update first, and if it will delete on another date? I just think it's weird it updated to that instead of being completely deleted. 

[Red1Blue]

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@Cjethompson2017 wrote:

Oh, I was not very clear. Sorry. Lol. I paid a settlement amount, and when I woke up this morning I had a myFico alert saying an account had updated. So, the account updated to show I paid and that I reached an agreement to repay part of the debt. Instead of just being completely deleted off my credit report. I'm just wondering if it's normal to have this update first, and if it will delete on another date? I just think it's weird it updated to that instead of being completely deleted. 

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Yes. It is normal. It will take about 6-8 weeks for it completely drop off. First they will show settlement made. Next $0 balance. Next totally will fall off. They have to do it in steps. Normally 2 statement cycles. But be assured it will drop off from the reports. They are good at keeping their word.

[Cjethompson2017]

Ok, awesome! Thank you!!

[OmarGB9]

Never seen that verbiage used before, but yes, generally they will first update to zero balance or only deduct the settlement amount from current balance and notate the account with "settled for less than full amount," in one cycle, and then next cycle delete the TL completely. I've yet to hear of them not keeping their word about deleting.

[Anonymous]

Portfolio, Midland and LVNV all follow the same steps: update as paid or paid in settlement...then the next cycle it comes off. Poof like magic. All 3 are really easy to deal with, will take settlements and delete full tradelines within 30-60 days, usually closer to 30 days in my experience.  Give it a month. It's normal. 

[BmoreBull]

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@Anonymous wrote:

Portfolio, Midland and LVNV all follow the same steps: update as paid or paid in settlement...then the next cycle it comes off. Poof like magic. All 3 are really easy to deal with, will take settlements and delete full tradelines within 30-60 days, usually closer to 30 days in my experience.  Give it a month. It's normal. 

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Jefferson Capital does this as well. Drove me crazy that they just didn't remove it instead of updating it first. Luckily they report to the bureaus twice a month. 

[Anonymous]

My freaking annoyance right now! 

I paid (settled several accounts between mine and my husbands) PRA, balance update with the amount, a week or so later went to zero and settled. Now waiting on deletions. It's annoying (and yes I'm impatient as well) because other CA just deleted right off the bat. Even the ones that put up a fight! 

[Cjethompson2017]

@Anonymous how long has it been for you? I am applying for a mortgage in a couple weeks, so my lender may have to do rapid rescore. I just need to get all my documentation together. Lol