Hello and thank you for reading/trying to help,
I'm in the process of looking for a home to buy and have been pre-approved for a mortgage. I was told that no matter what I have to take care of the open/active collection I have reported on my credit reports by Portfolio. The SOL is up and they cannot sue me for it, but the account is to stay on my credit reports for 2 more years. I tried disputing it with the credit agencies but had no luck. Portfolio actually sued me for a different account a year ago, which I challenged and won; I'm guessing that's why they let the SOL expire on this one and never bothered to contact me about it, and instead reported it to the credit agencies right after the SOL was up. How should I go about contacting them to get this off my credit report? The amount owed is $1,300 and obviously I'd like to pay as little as possible and have the account completely deleted off my credit report or reported as paid in full - or whatever is best to improve my credit score. I would think that I have leverage in this situation seeing as they can't sue me for it so offering them anything at all would be better than nothing. If I contact them, would that change/reset the SOL and allow them to come after me for it? What's the minimum you think they would be happy with? How long would this process take? I know I should get the deal in writing, but is it wise to talk to them on the phone while we try to reach a deal?
Any help would be greatly appreciated.