punchenello

"Paid in Full" status

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I received a call from Midland offering to settle a debt with a 40% discount on the balance. I want to pay this off and put it behind me and it doesn't seem like a bad deal.

Of coure the status on my CR is what I'm worried about. They say they will report it as "Paid in Full". Is this good or bad for my CR? What other status should I push for? Can I get a complete removal?

I haven't done the DV thing yet. All of the posts I have read point in that direction. Could I kill my 40% deal by doing so....or worse consequences? The original debt was on an Accosiates Credit Card.

Any hep i appreciated.

Thanks

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A paid in full status doesn't really look any better on a collection account. Are you positive they are reporting everything correctly, that you do owe this debt, and that the amount is right? If not, I would DV them to prove it, then work on a settlement if that's what you want to do. And if it is, I'd push for a PFD (pay for delete).

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What do you mean when you say "the original debt was on an associates credit card"? Was this your card? Or were you perhaps an authorized user?

What ever Midland is offering you need to get in writing before you do anything. They will usually put it in writing if you suggest an appropriate time frame - eg "by the end of the month". Ask them to settle it at what ever amount you are comfortable with and delete it from your report entirely upon payment.

Having it marked "Paid In Full" is still better than having an open account - unless you are close to the SOL - in which case ride it out. But, if you are wanting to obtain credit ie a mortgage etc, you will want this thing gone - or at the very least "paid in full".

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When I try that they dont seem to want the money that bad they just say that they cant take it off of a report, which I know is a lie. maybe if they call, i will tell just send them a letter.

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If you're calling those wonderful people at the end of the 1-800 number, stop. You're not going to get anywhere with them - they are not authorized to do any such thing, let alone derivate from the script.

You need to take such issues to the executive level at their corporate headquarters. Also, don't expect them to delete - the CRA's have strong-armed their customers and threatened them with revocation of their subscription if they change information - which is really great because the CRA's are supposed to remain neutral. :roflmao:

Instead, ask them to stop reporting on the account. Your business relationship is fulfilled with them, and they're not violating any CRA law (yes, they write their own laws) by deleting - they simply don't respond to the dispute.

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