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Help with Nordstrom PFD

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Hi All,

 

Im in the process of cleaning up my credit and trying to get a home loan. I've raised my score about 70 pts in the past year by disputing accounts and acquiring secured credit cards. I do have alot of charged off accounts to take care of, and my plan is to pay down the small balances first and work on the larger ones next.

 

I have a CO with Nordstrom/TDBank for the amount of $513 from 2/2018 , and in an attempt for PFD I called them to try to negotiate. They no longer own the financial component of the account - Jefferson Capitol does, but Nordstrom TD reports to the bureaus. How to navigate this? I sent a PFD settlement offer to Nordstrom 2 months ago, and it went ignored. Now I want to clean this up and get it deleted. Its still within SOL and if I DV and they validate, they can sue me.

 

Please advise.

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48 minutes ago, Lisalisaleo said:

I sent a PFD settlement offer to Nordstrom 2 months ago, and it went ignored.

If they sold the account to Jefferson Capital then there is no response needed.

48 minutes ago, Lisalisaleo said:

Now I want to clean this up and get it deleted. Its still within SOL and if I DV and they validate, they can sue me.

If they sold the account they are not even required to answer the DV and they cannot sue as they no longer own the account.

 

Is Jefferson reporting  yet?  If not they will and they do sue.

 

Your only hope of removing Nordstrom is a good will letter.  Now that they no longer own the account you have no leverage to get a PFD.

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An OC that sells an account has no obligation to do anything other than to ensure the reporting is accurate.  Unless they agreed to repurchase the claim, then they won't be able to even ACCEPT a pay-for-delete offer.  And very few banks are ever going to repurchase a claim unless there is a very compelling basis to do so such as egregious error on their part related to the billing. 

 

Further, TD Bank is not noted for entering into such agreements and, even for those where an account was still open, is not a bank noted for the Rule5000 adjustments. 

 

DV as a basic concept relates to collection activity.  There are SOME who happen to live in States where a consumer has rights that extend to an OC, but those are few and far between.  You HAVE to understand the law that applies before ANY letter is ever mailed out.  And NEVER...I repeat, NEVER...send anything generic.

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2 hours ago, CreditSucksNot said:

If they sold the account to Jefferson Capital then there is no response needed.

If they sold the account they are not even required to answer the DV and they cannot sue as they no longer own the account.

 

Is Jefferson reporting  yet?  If not they will and they do sue.

 

Your only hope of removing Nordstrom is a good will letter.  Now that they no longer own the account you have no leverage to get a PFD.

Hi, no - Jefferson is not reporting at all. From what I was told, Jefferson only handles the financial component of collections and Nordstrom/TD reports to the bureaus.

 

I will research more on how to settle a debt within SOL. Thank you all for your help, I appreciate it!

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2 hours ago, Lisalisaleo said:

Hi, no - Jefferson is not reporting at all. From what I was told, Jefferson only handles the financial component of collections and Nordstrom/TD reports to the bureaus.

 

I will research more on how to settle a debt within SOL. Thank you all for your help, I appreciate it!

Then the account was not sold. 

 

TD Bank is who holds Nordy's paper.  But if they show that it was sold, what makes you doubt that it was sold?

 

As I indicated, a bank that sells paper can STILL report on a monthly basis.  They just have to show it as a zero balance.  And where a bank still DOES own the paper, TD Bank is not known for engaging in PFD

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2 hours ago, Lisalisaleo said:

Hi, no - Jefferson is not reporting at all. From what I was told, Jefferson only handles the financial component of collections and Nordstrom/TD reports to the bureaus.

 

I will research more on how to settle a debt within SOL. Thank you all for your help, I appreciate it!

 

Assuming what you write is accurate, it should be understand that TD Bank still owns the debt and has merely placed it for collection with Jefferson.  The "component" being handled by Jefferson is the collection activity, with proceeds returned to TD Bank after taking a cut.

 

From what others have posted, it appears that TD Bank isn't likely amenable to your "pay for delete" request.  TD Bank is within its rights to refuse, if so inclined.  Still it's worth inquiring.  A phone call might be your best contact method.

 

Typically, any type of mortgage loan will require that outstanding collection balances be paid.  The relatively modest amount of this debt (though hardly inconsequential) makes it a good candidate on which to hone your negotiation skills and see if you can talk your way into their hearts and getting them to remove the tradeline in the bargain.

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