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Why DV before PFD?

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Why DV before PFD?

Hi! I've been perusing the forums for months now and you guys have educated me soooo much- so thanks! I have a question though that has been haunting me... why must you always DV before doing a PFD? Wouldn't that then take away from the wording in the letter that "I am not admitting to the debt and have no recollection of the debt, so for the sake of compromise can we PFD"?
 
Also, in beginning the road to repair I have signed up for Truecredit (love it!) and ordered MyFico reports. I always thought my student loans reading "paid as agreed' meant no lates, however upon more careful observation I discovered that I had numerous 90+, 120+, and 180+ lates on SEVERAL student loans. According to NSLDS and my memory, the loans were in deferment/forbearance during that time. I'm now attempting to get the lates removed (there are MANY). Once they are removed will my credit score improve significantly?
Message 1 of 12
11 REPLIES 11
Valued Contributor

Re: Why DV before PFD?

You don't have to acknowledge any liability whatsoever to do a DV. Basically a DV is just a statement that you, Joe or Jane Consumer, found something on your credit report and you're demanding full documentation of it.
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in a credit-scoring postnuclear Stone Age...
Message 2 of 12
Senior Contributor

Re: Why DV before PFD?

Why PFD if they can't prove you OWE the debt?

That's what DVing does ... it makes sure they can PROVE that you owe the money, for one. For another, it kind of serves as a binding document stating EXACTLY what you owe. So they can't really come after you later for more money.

If you DV them and they CAN'T prove the debt, not only do you NOT have to bother with a PFD (unless you just want to pay it in the spirit of honesty) but they have to DELETE it off your CRs!!

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Message 3 of 12

Re: Why DV before PFD?

Ohhh... duh... I now understand. Thanks so much guys!
Message 4 of 12
Senior Contributor

Re: Why DV before PFD?

Oh, trust me ... I didn't get it the first time (or the second, or the third ... okay, now I'm just embarrassing myself!), either!! Smiley Happy

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Message 5 of 12
Contributor

Re: Why DV before PFD?



Wonderin wrote:
Oh, trust me ... I didn't get it the first time (or the second, or the third ... okay, now I'm just embarrassing myself!), either!! Smiley Happy

Wonderin, thank you so much....that really makes me feel a lot better because I know I have asked the same questions over and over.Smiley Very Happy 
 
I thought I was suffering from early onset of Alzheimer's and I was getting really worried!Smiley Surprised
__________________________________________________________
"Many people who order their lives rightly in all other ways are kept in poverty by their lack of gratitude." Wallace Wattles
Message 6 of 12
Member

Re: Why DV before PFD?

how would you word your pfd letter after you sent them a dv?
Message 7 of 12
Moderator Emeritus

Re: Why DV before PFD?



jessa10086 wrote:
how would you word your pfd letter after you sent them a dv?



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. (You can remove this paragraph if you wish.)


Please address all correspondence regarding this account to:


You
123 Any Street
City, State Zip

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Message 8 of 12
Established Member

Re: Why DV before PFD?

Wonderin.
 
Can you DV many accounts on one letter or do you need to do a seperate letter for each derogatory CA.
 
Thanks
Message 9 of 12
Member

Re: Why DV before PFD?

so you send a Dv letter to verify the debt and then you send a pfd to dispute it?
Message 10 of 12
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