Need advice... Im about to start dealing with Portfolio Reco

Submitted by harrymaneuvers on Tue, 09/14/2010 - 16:58
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Credit repair

Background: The short version.

In 2007 at the age of 21 I had a very serious motorcycle accident that left me in the hospital for 9 days. My recovery took nearly a half year. During that time... my brand new credit obligations began to slip (I was a self employed loan officer at the time). Now I have a great job and am in a position to rebuild.

I am going to start with Portfolio Recovery Associates because they have 2 out of the 5 accounts that are on my credit report.

One is for Wells Fargo ($1000) and one is for HSBC ($500). I have never made any arrangements with PRA or sent them any DV letters.

Now that I am drafting my first round of DV letters... I am wondering if I should question the fact that they have both accounts listed as "installments" and they also have recent payments ($75 and $25 respectively) listed which are just plain wrong.

Should I try to pick apart the info that they have listed with the bureaus? If so, should I try to do this with them first and then the bureaus or the other way around????

Best regards,

Harry M.

Aaron

Hi harrymaneuvers,

Welcome to this community :)

I am wondering if I should question the fact that they have both accounts listed as "installments" and they also have recent payments ($75 and $25 respectively) listed which are just plain wrong.

You should first send debt validation letters to Portfolio Recovery Associates, LLC through certified mail, requesting a return receipt.

Also send dispute letters to the credit bureaus with the proof of your last payment receipts. Request the credit bureaus to update the last payment dates. This is a case of illegal re-aging. You can also file complaints with the Fair Credit Reporting Act (FCRA) and State's Attorney General.

Thanks,

Aaron

Wed, 09/15/2010 - 07:07 Permalink
harrymaneuvers

Great!!! Thanks for the reply! So I will send them basic DV letters first. At the same time... I should dispute these items with the bureaus.

I havent made a payment to Portfolio Recovery so what would I show to the bureaus in regards to the re-aging claim.

When I dispute these items with the bureaus... should I get into details about last payment date ect? Or just send them basic dispute letters as well?

Thanks in advance!!!

Harry M.

Wed, 09/15/2010 - 14:16 Permalink
Aaron

Hi harry,

The dispute letters to the credit bureaus should be about the reaging. You will have to mention about the last payment date. As proof of your claim attach copies of your last payment along with the dispute letter. Refer to the sample dispute letter available with this community at http://www.creditmagic.org/repair/dispute-letter.html . You need to change the texting according to your situation. This is just a sample.

Remember to file the complaints with the Fair Credit Reporting Act and State's Attorney General.

As for the validation letter, you can refer to the one at http://www.creditmagic.org/repair/sampleletter-debtvalidation.html . If the debts are not properly validated you can later dispute the items off your credit report.

Thanks,

Aaron

Thu, 09/16/2010 - 10:09 Permalink
harrymaneuvers

Ok so I sent my validation letters...

Portfolio Recovery Associates
120 CORPORATE BLVD STE 1
NORFOLK, VA 23502

Date: September 21, 2010

Re: Account number

Dear Sir/Madam,

I checked a copy of my credit report and realized that there was a collection reported from your agency.

With regards to the Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 (b), I am disputing this debt and a validation is demanded. This is asking for proof regarding the debt that I owe and verifying it.

I have also noted several errors in the way in which you are reporting my information to the three major credit bureaus which need to be corrected immediately.

Please dispatch copies of the following with your reply:

1. The agreement which authorizes you to collect debt on the assumed debt.
2. The signed agreement from the debtor confirming to pay the debt.
3. The documents regarding the payments made on this account and validation of the amount.
4. The signed “installment” agreement that your company has entered into with me, as reported on my credit.
5. Proof that you are a “factoring” company and that this a “factorable debt”

With regards,

My question now is:

They are still calling me and I have asked for validation for both accounts that they have... Arent they suppose to stop collection attempts during this time?

Should I answer the phone and ask to record the conversation... I am sure that they will mention that "this is an attempt to collect a debt... blah blah blah"

Would this constitute a violation???

What should I do to capitalize on this?

Wed, 09/29/2010 - 17:07 Permalink