PFD denied... Validaton letter?

[mjk]

Okay so i dont have a ton of debt ($3700) but enough to hurt my scores but I finally have enough to pay it all off. Obviously I want it taken off my report so Im trying to get a game plan together. First I want to pay my debts as they are mine and with 1 exception are accurate to the best of my knowledge. My question...

If I offer a PFD and they say no and I then send a letter for validation and they cant meet the requirements and delete, if i THEN pay the debt can or will they report it to the CRA's?

[Hal Jordan]

Go the debt validation route first. IE "One two punch" Find out all you can about the debt before you do anything. AND who knows, maybe they don't validate and or verify with the CRA and it gets removed that way.

Make sure you understand that paying off a collection will NOT improve your score. Myfico even says this on their website. "Paying a collection does not remove the collection item from your report. It can remain for up to 10 years but in most cases will be removed after 7".

A paid collection is factored the same way as an unpaid.

So the ONLY way you should EVER pay a Collection Agency is if they agree "in writing" or over a recorded line (that you are recording) to remove all of their negative entries from all of your reports. Otherwise you're just wasting your time and money.

If the CA refuses to PFD find out if they own the debt. Chances are if they are refusing PFD the OC still owns the debt and they are the ones that need contacted to work out the PFD agreement. OC's want to get paid and it's pretty hard to turn someone away who says I will pay what I owe you in full today if you will simply recall this debt from the collection agency and instruct them to remove their tradelines from all of my credit reports (and of course get it in writing or recorded).

I believe money talks and b.s. walks and if you have the cash to pay them that momment in full to balance that account on their books as a profit they will almost always take it...

[Lian]

First, I see nothing in the post that identifies the reporting to be deleted is that of a debt collector. What deletion are you requesting? The reporting of an OC, or that of a debt collector?

If it is a collection, I disagree that the only way one should ever pay a collection is if you receive prior agreement to a PFD. If still within SOL, they can still take legal action, and secure a judgment, resuling in further hemmoraging of your credit score. Payment is often appropriate without prior commitment to CR deletion.

Even if the OC still owns the debt, and they agree to a PFD, their agreement extends only to their own reporting. They have no athority to agree to or demand CR deletion of reporting made by the debt collector. If the OC "recalls" the debt from the debt collector, that only results in cessation of any further collection action by the debt collector. It does not require the deletion of any prior, accurate credit reporting done by the debt collector.

You PFD one or the other, and if agreed to, then the other must be addressed by an additional letter requesting their GW deletion. PFD letters dont cover both an OC and a debt collector.

As for sending a letter requesting debt validation, that can only be done with the debt collector.
Unless you live in Texas, they have no requirement to send validation. Failure to validate under the FDCPA is not a dispute of the accuracy of credit reporting under the FCRA, and carries no requirement for CR deletion.