Has anyone ever dealt with a company named Portfolio Recovery. They purchased an old account that charged off of mine in 1995. We have had some talks about a 50% settlement but they say it would be listed on my credit report as paid for less than full balance. I am wondering if they will give in and agree to change thier listing, or if I should just wait for the seven years to pass.
RE: Total Deletion or wait NO Any wordings on your credit file such as paid in full, settled, settled for less than full amount, paid for less than full balance are all considered 100% EXACTLY THE SAME as if you never paid it in regards to credit scoring. Naturally, the collection agency will LIE to you and say otherwise, but remember nearly every word out of a collectors' mouth is a lie and the BIGGEST lie in the credit industry is that paying off a collection account will improve your credit score. Tell them having this negative on your credit report these past five years has not prevented you from getting all the credit you desire, and that since paying it off gains you NOTHING you'll have no difficulty waiting 2 more years until this item is purged. Tell these collection agency scumbuckets its total deletion or NOTHING, if they (and they will) claim they cannot do it they are lying! Offer them more than 50% if you have to but accept nothing less than total deletion. If they attempt to harass you, send them a cease and desist letter (I don't know what state SOL is, typically 4 or 6 years, your in so can't tell you if your Statue of Limitations for being sued is over) though its extremely unlikely they will attempt to sue you considering the huge cost and hassle, besides if the amount were large enough the original creditor would have done so. If they attempt to threaten you in any manner tell them you will use the money you were going to use to pay them off to hire an attorney and sue them, same goes if they attempt to illegaly re-age the account. Good Luck
