Topic: Trying to negotiate at PFD with First Premier

[repair77]

I called First Premier  trying to learn if they'd sold an old credit card debt.  It's been charged off and they still own it.  The person I spoke to wouldn't bite on a PFD, but she was not a manager or anything.  Should I just send a letter outlining my offer?  Has anyone been able to accomplish this?

[Fighting Irish]

How old is the debt?

If the default is more than 2 years old, and they haven't tried to collect on it, you may be better off just letting it lie.

PFDs are not that easy to get, despite badly written "do it yourself" pamphlets that claim otherwise.

[repair77]

The debt is well past the SOLC.  It should come off my CR in 2014.  It won't hurt to write a letter though. 

[Fighting Irish]

It may, it may not.

If it's that old, it's not doing much of anything to your credit rating, anyway.

Even if you are trying to buy a house, it's not that big of an impact.

If it were a judgment, I'd agree; try to get it off. But an ancient TL is not worth it.

[repair77]

Why do you think it's not doing much to my credit rating?  How many years is it before an account is considered old?  None of my negative TLs are within the SOLC, but I really want to get at least one removed in the next couple of months. 

[CleaningUp]

Because credit scores are age-weighted.  The newer the trade line, the more effect it has.

By the second or third year, a negative is having only a minor effect on the actual score.

[excelsior]

What do the hard copy credit reports from all 3 credit bureaus say regarding this TL?

[repair77]

I'm awaiting reports from TU and EQ. 

EX says that it was charged off December of 2010.  I disputed it last year and all the info was verified.  The TL drops off in 2014.

I called this afternoon and got the number of the CA that bought it.  The CA isn't reporting so obviously I'm not going to contact them. 

What confuses me is that even though the DOFD is May0y, they say that the debt has been past due since 12/10.

I sniffed around about a PFD with the rep.  He had no idea what I was talking about.  Therefore, I'm going to send a letter as I now realize that whoever answers the phone doesn't know much or have much power.

[daryl1689]

12/10 is not past the SOL for Delaware (3 years).   They might be trying to let this collect interest. 

Do keep in mind that First Premier does have an arbitration clause with AAA listed.

[repair77]

I'm in DC.  The SOL is also 3 years.
The last payment I made was in 2007. 

I'll look into arbitration.  Should I consider a 623?  It is an older account and they might have lost some important info. 

[Fighting Irish]

If the TL says that it was charged off in 2010, and the last payment was made in 2007, then that's either an FCRA violation, or illegal accounting practices, or both.

Legally, they have to charge it off by 6 months after the DOFD. They can do it sooner, but not later.

[excelsior]

I'm awaiting reports from TU and EQ. 

EX says that it was charged off December of 2010.  I disputed it last year and all the info was verified.  The TL drops off in 2014.

I called this afternoon and got the number of the CA that bought it.  The CA isn't reporting so obviously I'm not going to contact them. 

What confuses me is that even though the DOFD is May0y, they say that the debt has been past due since 12/10.

I sniffed around about a PFD with the rep.  He had no idea what I was talking about.  Therefore, I'm going to send a letter as I now realize that whoever answers the phone doesn't know much or have much power.

I'd just wait for the other 2 reports to come in and take a look at the whole picture.  I'd likely do CRA disputes via CRRM for all bureaus with this TL. 

While waiting for the CRA disputes to  come back, I'd dig up an ARB clause for the account and start studying up on offensive FCRA claims.

If my goal was improving my credit scores, I'd do CRA disputes before I considered a 623. 

[repair77]

I'd been going the CRA route, but it all comes back verified.  Should I continue with "not mine" as the reason?

[excelsior]

I'd been going the CRA route, but it all comes back verified.  Should I continue with "not mine" as the reason?

Did you dispute with all 3 bureaus and each one came back verified?  If so, do you have the hard copies from that verification?

[repair77]

I don't have the hard copies from that verfication.

I sent them a PFD offer and got a response.  They won't play ball for a PFD but would do a settlement and update the charge off.  I've decided to just wait the until 2014 when the SOLR expires.