Credit repair

Do I need a DV or PFD?

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brandon54

Joined: 07 Oct 2008
brandon54's page
Posts: 6

217 Magic Points

Subject: Do I need a DV or PFD?

Fri Oct 10, 2008 5:30 am

I have a small $70 debt, I am being collected on. I know the debt is mine. I owe it, and plan to pay it. I do however want it removed from my credit report.

My question is...Can I send a PFD letter, without first sending a DV letter? Also, if I do this, knowing the debt is mine, should I leave out the portion, stating the letter is not to be construed as acknowledgement of the debt, to seem more cordial?

carol

Joined: 27 Jun 2006
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Posts: 375

10293 Magic Points

Sat Oct 11, 2008 6:46 am

Even if you are sure that the you owe the money, you should first send a debt validation letter to the collection agency to be sure that the CA to whom you are giving the money actually owes the debt. You should send the debt validation letter by certified mail and wait for 30 days from the date they receive your letter. If they can validate it within 30 days, then you can proceed forward towards paying off the debt. However, if the collection agency cannot validate it, you are not liable to them for the debt.
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Justin

Justin

Joined: 17 Jul 2006
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Posts: 417

10874 Magic Points

Sat Oct 11, 2008 7:10 am

Hi Brandon
If the debt has not been sold off to the collection agency yet, then you can negotiate with the original creditor for pay for deletion, so that as soon as you pay off the debt, the negative listing gets removed from your credit report. Now if the debt has already been sold off to a CA, and if you make the CA agree to PFD, only the CA listing will get removed from the report and not the OC listing. However, if the OC or the CA agree to PFD, you should always get it in writing.
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Justin

brandon54

Joined: 07 Oct 2008
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Posts: 6

217 Magic Points

Sat Oct 11, 2008 7:37 pm

I guess it has been sold off, but there is no OC on my report. The debt is an unpaid portion of my son's book rental last year from the public school system, that I simply forgot about. The school system never reported on it. Now it is in the hands of Statewide Credit, of Indianapolis, which from what I can find handles the state school system's collections.

So would I be ok to continue to a PFD, since I know I owe the debt?

Justin

Justin

Joined: 17 Jul 2006
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Posts: 417

10874 Magic Points

Mon Oct 13, 2008 5:20 am

If the OC listing is not in your report, then it means that the OC has sold it off to the CA before reporting it to the credit bureaus. Before paying off a debt, it is always better to ask the CA for debt validation because debt validation would make you sure that the debt has been sold off to the CA to whom to are about to pay. Now if they validate the debt within 30 days of receipt of the DV letter, you should send a pay for deletion offer letter to the CA. Try to persuade them for PFD and if they agree, you should get the agreement in writing before paying off the debt in full.
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Justin


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