Is paid in full ok? - Credit Repair Forum from Creditnet
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  1. #1
    jd937 is offline Senior Member
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    Is paid in full ok?

    I recentaly spoke with a debt collector regarding one of my collection accounts. I told them that I would be willing to pay off the entire amount owed if they would send a PDF letter. They said that they would not do that but that they would send a letter stating that once it is paid it would be reported not as a collection account and as paid in full. Is this a satisfactory outcome?

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  3. #2
    BellaRuss is offline Senior Member
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    It would not be satisfactory to me, but that is my judgement about how I spend my money.

    Don't ever call a Collection Agency. Stay off the phone. Do everything in the US Mails. Accept only deletions.

    Their " offer " would lead you with a negative on your report. You would end up disputing after paying them to get the baddie off your report(s), so why not just do that now?

    How old is the account, how much do they want, are they legally able to collect in your state without a license and bond, what percentage of the debt are they demanding?

    Have you opted out? Have you deleted old addresses and disputed the account with each CRA using the US mails?

    These are things I would do before ever considering a PFD, unless they have you over a barrell because of an impending mortgage.

  4. #3
    jd937 is offline Senior Member
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    I have deleted old addresses and names (misspellings of my name) from my reports. I have not opted out ( I haven't been able to find out exactly what that means). I am not over a barrell but want to fix it as quickly as possible. In Iowa you can negotiate a debt fairly freely over the phone without restarting the sol as admissions of ownership must be in writing, therefore I thought that over the phone might be safer until I can get them to agree to send me a letter stating the terms of the agreement before I will pay.

  5. #4
    BellaRuss is offline Senior Member
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    Have you seen this PFD letter in the sample letters section?

    http://consumers.creditnet.com/Discu...ter-65289.html

  6. #5
    collectman is offline Senior Member
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    If they wont accept a PFD, they wont accept it. Either you pay it and it shows PIF on the CBR or you dont and they continue to collect it as they see fit.

  7. #6
    bizwiz41 is offline Senior Member
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    Quote Originally Posted by jd937 View Post
    I recentaly spoke with a debt collector regarding one of my collection accounts. I told them that I would be willing to pay off the entire amount owed if they would send a PDF letter. They said that they would not do that but that they would send a letter stating that once it is paid it would be reported not as a collection account and as paid in full. Is this a satisfactory outcome?
    Reading your post, I'm not sure how they would post the account so that "it would be reported not as a collection account and as paid in full."

    My guess is that it would still be reported as a Collections Account, but perhaps once paid, not an "active collections".

    I think you need defintive language from the CA as to "how" they would report this. I don't see how they could report it as anything else. If you're up to it, ask them how they would respond to a dispute from the CRAs regarding this account.

  8. #7
    jd937 is offline Senior Member
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    From what they said they would report it simply as a tradeline that is paid. It would not show as a collection. I am waiting though for the letter from them, so we'll see.

  9. #8
    BellaRuss is offline Senior Member
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    OPT OUT is to remove your name and identifying information from a marketing list which is sold to debt collectors, junk debt buyers, and a whole lot of undesirable companies...also, the data is also sold to creditors, but if you have ever had or now have collections, charge offs, judgments, etc on your file you want to OPT OUT at (888) 5 OPT OUT.

    All the options you mention above result in a negative trade line on your credit reports. Why would you pay money for that? Get a deletion, not a less negative negative.
    Not sure why you would want to h

  10. #9
    jam237 is offline Senior Member
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    May 2003
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    A PAID in full collection account is still a collection account...

    Just like a PAID CHARGE OFF is still a CHARGE OFF...

    Paid doesn't do anything to help your report.
    --
    jam
    An educated consumer.

    Daniel Webster: You seem to have an excellent acquaintance with the law, Sir.
    Scratch: Sir, that is no fault of mine. Where I come from, we have always gotten the pick of the Bar.
    The Devil and Daniel Webster, Stephen Vincent Benet

  11. #10
    Msbigbones is offline Member
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    Jan 2007
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    Quote Originally Posted by jam237 View Post
    A PAID in full collection account is still a collection account...

    Just like a PAID CHARGE OFF is still a CHARGE OFF...

    Paid doesn't do anything to help your report.
    Yep.....You want it gone!!!!!!!

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