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shllby1
Joined: 23 Feb 2007
shllby1's page
Posts: 2
123 Magic Points
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Subject: How to get a PFD.
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Fri Feb 23, 2007 11:23 pm
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| I have sent out DV letters which were validated, Now I am trying to get a PFD but they are saying they "cant" and "Wont" do that. It is illegal because they would be lying?? Arghhhh, I really want to buy a house within a year and I need to bring our score up. How can I get these collection agencies to do this? Am I asking to much? Thanks |
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stanley
Moderator
Joined: 23 Feb 2007
stanley's page
Posts: 54
3357 Magic Points
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Fri Mar 02, 2007 7:35 am
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My submission is: request for the 'paid in full' letter in writing, if they ignore it, then you can seek legal action against them. You can also ask credit bureaus to remove those accounts out of your report. What are the collection agencies you are dealing with btw?
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Stan
BTW, I am not a lawyer, I am here to share what Life has taught me. |
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Emmy
Joined: 02 Mar 2007
Emmy's page
Posts: 15
Location: Show-Me
1351 Magic Points
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Fri Mar 02, 2007 7:22 pm
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You said they validated. Are you positive what they provided would constitute as validation?
Did they provide copies of debits and credits of the account? Did they itemize all charges. The 7th Circuit ruled that they must itemize.
How are they reporting on your report? Who is the CA? |
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cinnamngrl
Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1455
6339 Magic Points
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Sun Jan 09, 2011 8:26 pm
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Determine your eligibility for settlement. This process applies to situation where you have account that is seriously delinquent and has been reported to one of the Credit Reporting Agencies in a negative way. You need to be ready to make a lump sum payment to close the account. The creditor needs to be willing to compromise to settle the account. The original creditor is less likely to be motivated to make this kind of settlement. A small business is likely to take the owed money personally. When dealing with a large company, it may be tough to figure out who is authorized to alter the way your account is listed on e-Oscar (the computer system that the credit reporting agencies use). Collection agencies are more willing to settle debts. This is because they bought your debt for pennies on the dollar, and any amount of money that they get from you is profit. Collection agencies and Creditors weigh several factors when deciding whether to settle. The main threat that a creditor has against you is to file a civil lawsuit. In court, they can go after assets and garnish your paycheck. Also, a judgment can stay on your credit report for 20 plus years depending on the statute of limitations for civil judgements in your state. This is very expensive for the creditor, and they can lose the case if they don't have all the evidence the law requires. The decision to sue you, is based on the strength of their case, and the amount of money they can get from you. If you own your home, and have a steady job, then it is reasonable for the collection agency could collect their money. If their evidence is strong, then the judge can even allow high fees and make you pay for court costs. One weird part of this is that, the less money you have to more likely the collection agency will be willing to settle. If you have nothing, then getting a judgment against you doesn't put a dime in their pocket.
Changing the way this debt is listed on your credit report is considered a mediated settlement. It is no different than a settlement in which you pay a reduced portion of the debt. The collection agent bought your debt for pennies on the dollar. These people don't get a salary. They get a percentage of money you pay on this debt. There is a good chance that the person that calls you six times a day doesn't get a dime if the case goes to court. For a debt collector, the brass ring is to get you to pay full debt, plus all the fees they tack on. Many creditors are willing to compromise to get your money
Read more: How to Pay For Delete negative items on your credit report | eHow.com [url] http://www.ehow.com/how_4820192_delete-negative-items-credit-report.ht ml#ixzz1AZVRJ7Qn[/url]
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CMRRR Templates
How to PFD, OPT-out, Complain, etc
All credit articles at EHOW |
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