Old Credit Card debt -

Submitted by kbork on Wed, 06/02/2010 - 02:36
Forums
Credit repair

I have an old credit card debt that was transferred (bought) by NCO Financial. The account is past the SOL for my state, but it will be on my credit report for three more years. Since it has been transferred, should I offer to pay it off to cc company with a promise of removing the debt, or will that offer bring the date to the present.

Thanks for your help.

Aaron

Hi kbork,

If you make any kind of payments on the account, it will definitely be brought to the present. However, if you can pay off the dues, then whether or not the date comes to the present doesn't matter much. If you offer to make the payment, and you request them to remove the negatives, then your account status will get reported as "Paid".

To remove the negatives, you can request the creditor or collection agency to agree to a "Pay for delete" (PFD) agreement. If creditor agrees to the PFD, all the negatives on this account will get deleted. You will get a sample PFD letter with this community.

Yes, paying on an old account does lower your credit score by some points, but it is much better to have a "Paid", written against your account rather than having an unpaid status.

Thanks,

Aaron

Wed, 06/02/2010 - 06:42 Permalink
kbork

Thanks for the quick reply and the link to the PFD letter. I just have one more question. Will the PFD letter bring the account to the present even if no money is paid yet?

Thanks

Wed, 06/02/2010 - 11:56 Permalink
Aaron

Hi kbork,

A creditor or colelction agency will not remove the negatives until you make the payments. Thus, the question of PFD bringing the account to the present, without payment of the dues does not arise.

Thanks,

Aaron

Thu, 06/03/2010 - 12:08 Permalink