I have an old account from First Premier which was charged off. I sent them a PFD letter, and they responded telling me to contact First National Collection about the account.
I then received a letter from First National...This letter says "FNC as acting agent for First Premier Bank has agreed to accept 500.00 as settlement in full on the account."
"Upon clearance of your payment we will notify our client so they can update their records accordingly, as well as update the proper credit
reporting agencies."
First National collection is not even on my credit report. Only First Premier. It is listed as charged off, and the last reporting activity was in 12/2010.
If the charge off gets noted as paid, will it improve my score much? Also, if I pay it off through this CA, they say they will "notify" their cleint. Does this letter even serve as proof the status would be changed if paid off?
According to the CA letter, it appears the OC still owns the debt, as they call the OC their client . Should I push some more to try and get the debt back to them and get a PFD? Possibly over the phone this time, or through e-mail?
Will Paying this debt off make much of a difference
At first you can ask First National Collection to validate the debt. If they give you a valid proof, then try to negotiate with them. If you make your payments through settlement, then check whether or not it updated your account status as “Settled Charge-offâ€. If it is paid in full, then it will be updated as “Paid Charge-offâ€.