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Age-Old Question: Have Things Changed w/Reporting/Collections/Removals w/Conavirus Here?


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I know this question has been asked many, many times, but things change...2 Synchrony accounts in collection w/Portfolio going back 3 years. Amount is $964. CreditKarma simulator says I can add 21 - 25 points for each account I pay off/settle for less than owed.

 

I have the $$$:   this would put me over 700, so it's a big deal score-wise. Question is, should I pay/settle? Has anything changed w/COVID-19 with regard to collections/removal/etc.? (And thank you for this great site and any replies.)

Edited by 99leftbaloons
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2 hours ago, 99leftbaloons said:

I know this question has been asked many, many times, but things change...2 Synchrony accounts in collection w/Portfolio going back 3 years. Amount is $964. CreditKarma simulator says I can add 21 - 25 points for each account I pay off/settle for less than owed.

 

I have the $$$:   this would put me over 700, so it's a big deal score-wise. Question is, should I pay/settle? Has anything changed w/COVID-19 with regard to collections/removal/etc.? (And thank you for this great site and any replies.)

portfolio has a policy published on its website to DELETE tradelines for consumers that enter into a settlement/payment with it. Why on earth would you not take advantage of this if you have the funds? Of course getting portfolio off will do nothing for the OC CO tradelines (assuming they are still reporting)

 

and IGNORE FAKE scores and STIMULATORS. credit karma is a waste of your time.

 

Instead, get paper copies of your four major consumer credit reports mailed to you directly from the four major CRAs.

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Thanks for the replies. From https://www.portfoliorecovery.com/prapay/help/contact-us:

 

Our policy is that within approximately 30 days of your final payment successfully posting, we will request the credit reporting agencies delete the PRA, LLC 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.

 

So they will delete THEIR tradeline but does this truly delete the entire history of the account, including all lates?

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1 hour ago, 99leftbaloons said:

Thanks for the replies. From https://www.portfoliorecovery.com/prapay/help/contact-us:

 

Our policy is that within approximately 30 days of your final payment successfully posting, we will request the credit reporting agencies delete the PRA, LLC 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.

 

So they will delete THEIR tradeline but does this truly delete the entire history of the account, including all lates?

the OC can still report its tradeline based on its history (with zero balance). but getting an active collection account removed is a pretty big deal IMHO

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I just settled with PRA for less and they told me that the payment I’ve made will still show up on my report but that eventually the whole trade line will be deleted. I checked today and one of the accounts does reflect the payment made w the balance remaining. Is this typical when you do pay for delete? I hope they didn’t just scam me. 

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