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Negotiated PFD, now CA changed their mind


braveheart90
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After lots of back-and-forth, I negotiated a PFD with a CA. I have this in writing, on their company letterhead, that if I pay them $xxx by this date they will consider the debt paid in full and they'd notify all credit bureaus to DELETE all entries pertaining to CA from my credit report. I sent CA the payment and just got a letter from them saying that they'd notify all credit bureaus that the debt is PAID IN FULL and reflects a zero balance.

Do I just write to the CRA's enclosing my proof of payment and the CA's PFD offer and ask them to delete all entries or do I need to write to the CA first to let them know I'm not falling for their scam?

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After lots of back-and-forth, I negotiated a PFD with a CA. I have this in writing, on their company letterhead, that if I pay them $xxx by this date they will consider the debt paid in full and they'd notify all credit bureaus to DELETE all entries pertaining to CA from my credit report. I sent CA the payment and just got a letter from them saying that they'd notify all credit bureaus that the debt is PAID IN FULL and reflects a zero balance.

Do I just write to the CRA's enclosing my proof of payment and the CA's PFD offer and ask them to delete all entries or do I need to write to the CA first to let them know I'm not falling for their scam?

Do a "restrictive endorsement (RE)" letter. Then do an RE check. If you want to know more about this, search the forums. This is your last stop if a PFD doesn't work out.

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Write them and tell them that their letter to you must be a mistake and that you just wanted to clarify that the check they cashed was sent pursuant to the terms of the previous letter, which you are attaching.

Advise them in your letter that if you do not receive confirmation that the deletions have occurred within 30 days, you will be taking the matter up with the subscriber compliance departments of the CRAs themselves.

(the CRAs of course forbid PFD ... so the best way to punish a CA that fails to honor a PFD agreement is to get them in dutch with the CRA by providing the CRA with proof that the CA agreed to PFD) :twisted:

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Write them and tell them that their letter to you must be a mistake and that you just wanted to clarify that the check they cashed was sent pursuant to the terms of the previous letter, which you are attaching.

Advise them in your letter that if you do not receive confirmation that the deletions have occurred within 30 days, you will be taking the matter up with the subscriber compliance departments of the CRAs themselves.

(the CRAs of course forbid PFD ... so the best way to punish a CA that fails to honor a PFD agreement is to get them in dutch with the CRA by providing the CRA with proof that the CA agreed to PFD) :twisted:

Thank you, that's exactly what I'm going to do.

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flacorps Hit the nail on the head with subscriber compliance departments of the CRAs themselves.

Thats the only standard for reporting they hold the subscriber to.

Can leave out Account Status, Portfolio Type, K1 Segment etc etc. But pay for delete and there on them hard and fast.

From the metro2 manual

INDUSTRY

REPORTING

STANDARDS

An industry standard for reporting consumer accounts will

ensure the integrity and consistency of the credit

information being reported.

• All accounts must be reported on a monthly basis.

• A final Account Status Code must be reported when

the accounts are ultimately paid or closed.

• If reporting by cycles, all accounts must be reported at

the close of each cycle.

• When reporting delinquent accounts, the “Industry

Standard for Reporting Account Delinquency” must be

followed.

INDUSTRY

STANDARD FOR

REPORTING

ACCOUNT

DELINQUENCY

The “clock” for a 30-day delinquency starts 30 days after

the due date, as opposed to the billing date.

The following example tracks an account history for four

months, specifying the Metro 2 Account Status Code that

should be reported.

Billing Dates Jan. 1 Feb. 1 Mar. 1 Apr. 1

Bills Received 1 2 3 4

Payments Past Due 0 1 2 3

Age from Due Date 0 1 31 61

Age from Billing Date 0 30 60 90

Metro 2 Status Code 11 11 71 78

Definitions:

Metro 2 Status Code 11 0 – 29 days past due date

Metro 2 Status Code 71 30 – 59 days past due date

Metro 2 Status Code 78 60 – 89 days past due date

Automated Data Reporting

CREDIT REPORTING RESOURCE GUIDE | 2-3

Copyright 2006 © Consumer Data Industry Association

MAINTAINING

INTEGRITY AND

CONSISTENCY OF

CREDIT

INFORMATION

Once information is reported accurately, it is important

that data furnishers not ask for a subsequent change in

the history payment record unless the payment history is

inaccurate.

• Consumer credit history information will be reported in

a factual, precise and objective manner.

• Only inaccurately reported accounts should be deleted.

Paid derogatory accounts, such as collections or charge

offs, should be reported as paid; they should not be

deleted.

• Requests by consumers for reverification of challenged

information must be processed promptly.

• Unless an error is discovered, the consumer will be

advised that the factual credit history will continue to

be reported.

Asking for exceptions to the standards jeopardizes

the integrity of the data.

None of my TL's good or bad meet this standard. Check your reports bet you find most if not all TL's meet this standard I have disputed based on this numerous times with nothing being said or done to the subscriber just verified. However the pay for delete not being honored letter I wrote the CRA's about with ERS got me phone calls and letters 4 days after my dispute.

The whole standard is a joke. Needs to be made a fed. law.

Here is a link to the joke book.

http://www.cdiaonline.org/files/PDFs...holeManual.pdf

has a Quick Reference Guide to Accurate Industry Standards showing how the accounts should be reported.Takes sometime to read and learn.

But once you do you will see the only standard important to them is the pay for delete rule.

Sorry about ::jacked:: this stuff gets me soxhotx the very thing they came after you for breaking a agreement they turn and do it to you! Just you cant hit them with late fees overlimit fees etc. ::thunderously:: hope they all burn in xxHellxx

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Thanks for all this helpful info. I was steaming yesterday when I first got their letter, couldn't believe I was actually naive enough to believe they would honor their end of the deal. Mind you the PFD was agreed to after I sent them (3) DV's - of course they were never able to provide any documentation.

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If they still fail to remove the reporting from the CRAs, you CAN take them to court for breach of contract as well as blatantly failing to respond to a DV. I would personally go for the money at this point unless you REALLY need the delete and the judge would most likely order it too. Small Claims court is your friend! ;)

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