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augusto84074

PFD for CC Charge offs.

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Hello All,

I am looking for ways to have these 3 Charge offs deleted from all 3 reports. All are around 3 years old. I have already disputed and they cam back as "verified" Possible PFD? Anyone have luck with these creditors? Thoughts?

 

DCU, Wells Fargo and Barclays

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Banks are not noted for doing a PFD and, after this much time, Barclays and Wells Fargo have likely sold the paper off, meaning they could not accept payment if they wanted to.  Even if they could accept it, they are not going to agree to deletion if the past is any indication.  Had these been fresh delinquencies,, you MIGHT have had a shot at a Rule 5000 adjustment, but that ship sailed two and a half years ago...

 

DCU likely still owns the paper and, if you ever want to do business with them, will want to be paid in full.  However, I would not anticipate that they will be amenable to a PFD.  You will need to try and call to get a lending officer and do your damndest to negotiate.  Don't expect them to commit to it in writing since such Agreements tend to be counter to the obligations THEY agreed to with the major reporting repositories.

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5 hours ago, centex said:

Banks are not noted for doing a PFD and, after this much time, Barclays and Wells Fargo have likely sold the paper off, meaning they could not accept payment if they wanted to.  Even if they could accept it, they are not going to agree to deletion if the past is any indication.  Had these been fresh delinquencies,, you MIGHT have had a shot at a Rule 5000 adjustment, but that ship sailed two and a half years ago...

 

DCU likely still owns the paper and, if you ever want to do business with them, will want to be paid in full.  However, I would not anticipate that they will be amenable to a PFD.  You will need to try and call to get a lending officer and do your damndest to negotiate.  Don't expect them to commit to it in writing since such Agreements tend to be counter to the obligations THEY agreed to with the major reporting repositories.

 

Well framed response.  A couple of peripheral "background" observations:

 

Re Rule 5000:

 

The FDIC provision within Rule 5000 that provides guidance on when a creditor might reasonably "re-age" a delinquent account is still in place with the latest revision in 2014 (the original rule was established in 1999).  However, I haven't seen anecdotal reference to a creditor offer to "reage" a delinquency in several years on this forum, myFICO, or others.

 

FWIW, that "re-aging" entails optional conversion of a delinquent account to clear any amount considered past due and reinstate standard billing for the balance outstanding.  The minimum standard under which an account would be eligible for re-aging would be after 3 consecutive monthly minimum payments by the account holder in an amount that represents the contract minimum payment for the balance outstanding under the cardholder agreement (e.g. 3 payments of 1% of the balance, if those are the stated monthly payment terms).

 

But, as I note, I'm not sure I recall anyone being extended this opportunity in the last 10 years, so I not sure it's a concrete option anymore.  (I'd be interested if someone has seen re-aging extended recently.)

 

Re PFD and creditor agreements with the CRA's:

 

I'm on soft ground on this topic, but my understanding is that the agreement is that "information reported to the CRA must be accurate". 

 

I'm disinclined to believe that the stipulation is for reporting of all status info for a tradeline because I've seen incomplete information reported within my own credit report.  The most apparent example is where a creditor doesn't report a status within a given month and a "ND" or "NR" status is shown.

 

Likewise, I've had accounts for which the monthly history has been truncated and doesn't reflect history that's within the 7 year reporting window.

 

So, my point here is that I don't believe there's any stipulation that all credit activity must be reported within the creditor-CRA agreements.  And, if a creditor wishes to agree to PFD, they can.  But I also know that such PFD and goodwill requests have exploded in number over the last 20 years ... and as a consequence, many/most creditors don't want to hassle with them and simply say that they're "required to report".  (I still advise it's worth asking, if appropriate -- "nothing ventured, nothing gained".

 

 

 

 

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On 4/5/2019 at 9:49 PM, hdporter said:

 

Well framed response.  A couple of peripheral "background" observations:

 

Re Rule 5000:

 

The FDIC provision within Rule 5000 that provides guidance on when a creditor might reasonably "re-age" a delinquent account is still in place with the latest revision in 2014 (the original rule was established in 1999).  However, I haven't seen anecdotal reference to a creditor offer to "reage" a delinquency in several years on this forum, myFICO, or others.

 

FWIW, that "re-aging" entails optional conversion of a delinquent account to clear any amount considered past due and reinstate standard billing for the balance outstanding.  The minimum standard under which an account would be eligible for re-aging would be after 3 consecutive monthly minimum payments by the account holder in an amount that represents the contract minimum payment for the balance outstanding under the cardholder agreement (e.g. 3 payments of 1% of the balance, if those are the stated monthly payment terms).

 

But, as I note, I'm not sure I recall anyone being extended this opportunity in the last 10 years, so I not sure it's a concrete option anymore.  (I'd be interested if someone has seen re-aging extended recently.)

 

They absolutely still exist but it is 1) not something where the offer will be extended by the card issuer and 2) the consumer will need to be the one that asked for the adjustment.  CrapOne does these all the time if the consumer who has gone delinquent (but where the account has not charged off) asks for it.  I negotiated one of these for a friend about six or eight months ago.  They had to come up with about $300 but the account was active again as soon as the payment cleared the bank.  The delinquent reporting was removed at the next reporting cycle...

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2 hours ago, centex said:

They absolutely still exist but it is 1) not something where the offer will be extended by the card issuer and 2) the consumer will need to be the one that asked for the adjustment.  CrapOne does these all the time if the consumer who has gone delinquent (but where the account has not charged off) asks for it.  I negotiated one of these for a friend about six or eight months ago.  They had to come up with about $300 but the account was active again as soon as the payment cleared the bank.  The delinquent reporting was removed at the next reporting cycle...

Good to know.   Thanks!

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