I have an account I want to send a PFD- need advice

[HouseBy2012]

Hey everyone
I have an old account for JCPenney that is showing up twice on my credit report- once as a charge off under GEMB/JCP and also as a Collection for New Century Financial. It is the same account #- small amount about $500. I would like to send a PFD but who do I send it to? JCP or New Century? in addition, when I send the PFD- can I try and settle for a smaller amount or just pay the full amount due.
Any advice would be helpful-thanks so much. You guys are all teaching me so much!
Jessica

[Hal Jordan]

Asking for a reduced settlement and a deletion is usually a tough row to hoe because your asking for two things but only offering one. You're asking them to take less money than what they are owed and you're asking them to also delete it. Chances are you won't get both. In most cases when a requester gets them to take a reduced settlement amount the collector usually won't also delete it. So most of the time they won't go for a delete unless they get the full payment.

First thing you need to find out is who owns it. In the charge off field on your Credit report does the JC penny line say Sold or transfered anywhere? If it does than New Century Financial probably owns the debt. Typically when major credit companies like JC Penny charge off a debt they tend to sell it also.

You should first call JCPenny and ask them who owns the debt and who you would make payment to if you were able to do so. You will then leave the other party out of it. If you're lucky JC Penny still has it and they'll agree to recall the debt from the CA and delete their charge off from your reports or change it to paid status.

You can send a 623 to JC Penny and see what happens. There is a chance if they don't own the debt any longer they won't be able to verify it and will remove the charge off from your report leaving you to deal with the CA. Which you will probably be able to negotiate a PFD with a junk debt buyer.

YOu need to look into the 623 process and the 1-2 punch. Both are in the beginners section. You could also call JCPEnny directly and see what they have to say about the debt.

Good luck.

[Lian]

The usual way to determine if the OC has sold the debt to the debt collector is to simply look at the current balance being reported by the OC. If it reports $0, that means they no longer own the debt.

If the OC still owns the debt, the party you would want to offer a PFD to is the one that you want deletion of their credit reporting. If you want the collection deleted, you PFD the debt collector. If you want the charge-off deleted, you would PFD the OC. One party cannot delete reporting made by the other, so you PFD one, and reserve attempts at deletion of the other by way of a good-will letter.

Of course, this assumes that the debt and their associated credit reporting is accurate. If their reporting is accurate, there would be nothing to dispute.

If their reporting is inaccurate, would correction of any asserted inaccuracy require deletion of their reporting, or just correction of an issue to then make their reporting accurate? The outcome of a dispute is not necessarily CR deletion.