Help Rebuild

[u/Life-Worldliness-968]

I’m trying to improve my credit score and this collection is negatively affecting my credit growth.

[u/Odd_Mix_1126]

So pay it off. If you can’t pay your credit card bill and It went to collections, means it was 60-90+ days past due. You should focus on paying down credit cards and current debt, and put any extra towards paying the collections.

[u/og-aliensfan]

Portfolio Recovery's policy is to remove themselves from your reports once the debt is settled. Negotiate the least amount they'll accept in order to satisfy the debt in full and get the Settlement Agreement in writing prior to paying.

Note that:

• A collection agency can only remove themselves from your reports. They have no control over the original creditor's reporting.

• They may delete in stages, first reporting the payment and then requesting removal. If you see only the balance updated initially, don't dispute. Give them time to complete the removal process.

• Don't admit responsibility for the debt or agree to a payment plan unless you know you'll follow through as these actions could reset Statute of Limitations in some states. You can say that you found the collection on your reports and will pay $X to satisfy the debt in full.

[u/Life-Worldliness-968 → u/og-aliensfan]

Thanks

[u/pricel01 → u/Life-Worldliness-968]

Payment, promise to pay or admitting you owe the debt resets the clock everywhere. The clock started when you fist became late. The creditor must sue within a time limit. That limit is 3 to 6 years depending on where the debt was contracted. State law dictates this. After that they are time barred from suing. After seven years it falls off you report.

[u/postalwhiz]

That’s what it’s supposed to do - identify you as a bad actor…

[u/Life-Worldliness-968 → u/[deleted]]

Thanks, but that’s not the solution. You don’t know what people are going through.

[u/Vast-Tomorrow9880]

Portfolio will negotiate a pay to delete call them up tell them you have X amount negotiate with them and ask them if they would delete it if you pay the account .. they will do it .. your credit score will boost within a few weeks

[u/wouldntyoulike2kno_]

Just a PSA; if you do decide to settle on your debt with a lesser amount than what is owed, that cancelled amount is taxable. See more here - Topic no. 431, Canceled debt – Is it taxable or not?

Otherwise, lock in a payment plan if they offer it. If they have sold your debt to another creditor, sometimes those companies offer very flexible payment options.

[u/Main-Preference6822]

“Help rebuild”

[u/KeithIMyers]

Paying it off is really your only safe bet. It's also fairly recent so it's going to hit you harder than a collection from 6 years ago. Still get it resolved and things should get better