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PORTFOLIO RECOVERY ASSOCIATES NOW DOES PAYMENT FOR DELETE


villente
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****PORTFOLIO RECOVERY ASSOCIATES NOW DOES PAYMENT FOR DELETE****

PORTFOLIO RECOVERY HAS RECENTLY CHANGED THEIR GUIDELINES AND WHEN YOU GO TO THEIR SITE THE NEW PAYMENT FOR DELETE ADDITION POPS UP.  I was able to do a payment for delete with no problem on 11/28/2018. I have not looked on here to see if there has already been another post. It will come off all 3 credit reporting agencies within 30 DAYS.

 

Edited by villente
MISSPELLING
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15 minutes ago, MarvBear said:

Can you fully describe the disclaimer?

It takes you to their FAQ. These 4 seem relevant, I'd wait to hear how the first few have made out.

 

Yes. Your account will be considered paid-in-full or paid-in-full for less than the full balance after your final payment is successfully posted. Within approximately 30 days of your final payment successfully posting, we will request the credit reporting agencies delete the PRA tradeline related to your account from your credit bureau report.

Yes, if it has been 30 days since the final payment resolving your account successfully posted, PRA requested the credit reporting agencies delete the PRA tradeline related to your account from your credit bureau report. 

We cannot advise you on what impact this will have on your credit report. Please contact the credit reporting agencies directly with questions about your credit report.

Our policy is that within approximately 30 days of your final payment successfully posting, we will request the credit reporting agencies delete the PRA tradeline related to your account from your credit bureau report. We do not control the timing within which the credit reporting agencies process our requests. For further assistance pertaining to your credit report, please contact the credit reporting agencies.

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I was assured that once my payment posted (2 to 3 business days) they would send a request all 3 reporting agencies to remove the collection from my credit report and within 30 days it will come off. They are also emailing me confirmation of this being done. In their revised guidelines this is also all spelled out clearly. 

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36 minutes ago, villente said:

I was assured that once my payment posted (2 to 3 business days) they would send a request all 3 reporting agencies to remove the collection from my credit report and within 30 days it will come off. They are also emailing me confirmation of this being done. In their revised guidelines this is also all spelled out clearly. 

were you assured in writing?

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I was assured that once my payment posted (2 to 3 business days) they would send a request all 3 reporting agencies to remove the collection from my credit report and within 30 days it will come off. They are also emailing me confirmation of this being done. In their revised guidelines this is also all spelled out clearly. 

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They claim to remove the PRA tradeline...that means the underlying matter will still appear on the reports.  And, if this was placement paper as opposed to sale paper, then reading between the lines, there will also be an update to the OC that shows a payment for less than the full amount. 

 

Be forewarned also that you could see a situation where the four major bureaus elect not to permit the deletions since that would be contrary to the Agreements PRA has with the bureaus...

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On 11/28/2018 at 5:44 PM, villente said:

ScreenShot_portfoliorevovery.thumb.png.4f72e76ab32f1af37a72b13ef80eaa6f.png

 

 

 

 

****PORTFOLIO RECOVERY ASSOCIATES NOW DOES PAYMENT FOR DELETE****

PORTFOLIO RECOVERY HAS RECENTLY CHANGED THEIR GUIDELINES AND WHEN YOU GO TO THEIR SITE THE NEW PAYMENT FOR DELETE ADDITION POPS UP.  I was able to do a payment for delete with no problem on 11/28/2018. I have not looked on here to see if there has already been another post. It will come off all 3 credit reporting agencies within 30 DAYS.

 

Did you have to pay the whole debt or were they willing to settle for less?

 

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I would STRONGLY caution everyone to NOT trust this "offer". Even IF they notify the CRAs that the account has been paid the rules are that it well then report as a PAID collection. Or worse, if they accept a lesser amount it will be reported as "settled for less" account. Both of these account designations fulfill their "promise" to delete the COLLECTION account but will HURT not help your credit scores as the new PAID or SETTLED account data will still be derogatory, but because it will be more recent will HURT your scores rather than help them.

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1 hour ago, Why Chat said:

I would STRONGLY caution everyone to NOT trust this "offer". Even IF they notify the CRAs that the account has been paid the rules are that it well then report as a PAID collection. Or worse, if they accept a lesser amount it will be reported as "settled for less" account. Both of these account designations fulfill their "promise" to delete the COLLECTION account but will HURT not help your credit scores as the new PAID or SETTLED account data will still be derogatory, but because it will be more recent will HURT your scores rather than help them.

So what would you suggest a better solution would be for someone in a similar situation?

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It depends on the kind and age of the accounts.

 

In general-- follow the guides;

https://whychat.me/GUIDEBOOK.html

 

For medical accounts use the HIPAA letter program ( and post your situation in the medical forum for individualized assistance)

 

For all other accounts use the SOL letter program. Be careful to NOT dispute accounts that are still within SOL= (statute of limitations) for being sued. My website has each State's SOL statutes listed.

 

If you are within the SOL then other than opting out and deleting old addresses I suggest you sit tight and wait out the SOL and make sure you promptly respond to any and all legal actions. If you ARE sued, go to the "Help I've Been Served" forum for assistance in fighting any actions.

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On 11/29/2018 at 7:11 AM, centex said:

They claim to remove the PRA tradeline...that means the underlying matter will still appear on the reports.  And, if this was placement paper as opposed to sale paper, then reading between the lines, there will also be an update to the OC that shows a payment for less than the full amount. 

 

Be forewarned also that you could see a situation where the four major bureaus elect not to permit the deletions since that would be contrary to the Agreements PRA has with the bureaus...

 

Collection agencies dont generally report on collections that are only assigned to them by the creditor. They report if they own the debt and at that point the OC charged it off, zero out the balance, and notate they sold the account.

 

I dont think the CRA will refuse to delete as two other collection companies already do this. 

 

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On 12/6/2018 at 7:31 AM, Why Chat said:

I would STRONGLY caution everyone to NOT trust this "offer". Even IF they notify the CRAs that the account has been paid the rules are that it well then report as a PAID collection. Or worse, if they accept a lesser amount it will be reported as "settled for less" account. Both of these account designations fulfill their "promise" to delete the COLLECTION account but will HURT not help your credit scores as the new PAID or SETTLED account data will still be derogatory, but because it will be more recent will HURT your scores rather than help them.

 

This is legit.

 

They are following the two largest collection agencies' deletion policy.  

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3 hours ago, MarvBear said:

dvd:   Can you tell us the other two largest collection agencies' detention policy.   Not doubting you, justs curious about the information.

Encore Capital Group which is Midland, Asset Management, and a few others. The other is Calvary Portfolio. Both will remove tradeline after settlement and the DOFD is over two years. Encore was the first to impose this new policy. Others will follow. 

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  • 2 weeks later...
  • 3 weeks later...

Sometime in November, I paid off 3 Midland accounts. They were totally off my reports in mid December. I still have 3 collections with PRA, and am just trying to get to a number we can agree on. If/when we do, I expect to have the same success as I had with Midland deleting my settled for less than accounts. 

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