Need advice on paying OLD debt.

[Guest Keal G Seo]

Don't remember where I heard it but it could apply in this situation- Why is it that people getting loans is like a guy wanting to get laid. The first offer to come along that says yes gets taken.

The point is, shop around. The one bank you have an account at isn't the only bank that will give you a loan. (Although credit unions you do have to be a member)

[knewcomb]

Wow I didnt think of a credit union. My score is around 640 with that open collection so having it removed would help me out with rates big time. I havent spoken with them in a few days now. Should I send a pfd letter once a month until they comply or just leave it until they reconsider? Iim not real sure what to say when they call at this point

[knewcomb]

Don't remember where I heard it but it could apply in this situation- Why is it that people getting loans is like a guy wanting to get laid. The first offer to come along that says yes gets taken.

The point is, shop around. The one bank you have an account at isn't the only bank that will give you a loan. (Although credit unions you do have to be a member)

All those inquries wont look good either will they?

[Guest Keal G Seo]

Wow I didnt think of a credit union. My score is around 640 with that open collection so having it removed would help me out with rates big time. I havent spoken with them in a few days now. Should I send a pfd letter once a month until they comply or just leave it until they reconsider? Iim not real sure what to say when they call at this point

No only send one offer of settlement via certified mail. If they don't respond in 30 days with a denial, acceptance or counter offer they have failed to address it and is grounds for dispute with the reporting agencies. If you want to get further information, do a debt validation letter via certified mail. In either of these you can request "no phone contact" at which point they can only contact you one more time by telephone and if they violate that you can sue them.

 

All those inquries wont look good either will they?

Well sort of. There are 3 different kinds of inquiries. 1. Applying for an account- An actual application you authorize 2. Promotional- Something you didn't request but a company did to see if they would offer you credit...think spam. 3. Rate Shopping- As described, just an inquiry to offer you a rate on a single loan made in a 30 day period.
Here is the quote from myFICO:

 

 

 

What to know about "rate shopping." Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, the score ignores mortgage, auto, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

[knewcomb]

They responded to my pfd letter by phone first letting me know they had accepted. A few days later I got the original letter I had already received before I sent the pfd which stated what I owed except this time it had the contract from the gym so it was essentially a debt validation. It had not mention of whether they had accepted or denied my request. I called the agency and asked and she said that it was an automated response and that the pfd acceptance had been sent after that(never got it). So I should wait the remaining time from when I sent the pfd letter and then contact the credit bureau if I have nothing in writing?

[Guest Keal G Seo]

They responded to my pfd letter by phone first letting me know they had accepted. A few days later I got the original letter I had already received before I sent the pfd which stated what I owed except this time it had the contract from the gym so it was essentially a debt validation. It had not mention of whether they had accepted or denied my request. I called the agency and asked and she said that it was an automated response and that the pfd acceptance had been sent after that(never got it). So I should wait the remaining time from when I sent the pfd letter and then contact the credit bureau if I have nothing in writing?

Yes. Did you send it via certified mail or return receipt? You will need proof that you have attempted to settle the debt. While they aren't obligated to accept your off of PFD, they are required to address your offer. They may say that sending the new invoice is a rejection of the offer but if it doesn't address it I don't really see it. If it were me, I would wait the 30 days and start working it through the bureau by way of dispute.

[knewcomb]

Yes I sent it by certified mail.

[Guest Keal G Seo]

Then yeah, just give it the 30 days then request from all 3 bureaus a dispute form. Give them all the details and send it in. It probably won't be deleted immediately but the bureaus will contact the creditor and that will probably put a pep in their step. I don't get why these creditors make it so difficult when the client says they will pay with one condition...