Portfolio Recovery
Date: Mon, 07/11/2011 - 12:58
I just pulled my credit report and a debt that was originally a credit card with HSBC was written off - the first late was 9/2008. It was purchased by Portfolio Recovery in 9/2009. In Jun 2010 they started reporting $25 monthly payments. I have not paid anything on this debt in any amount. I have not spoken to them in any form either. They are clearly doing this to re-age the account. What can I do about this?
Welcome to the Forums! I think, you need to make payments asap.
Welcome to the Forums!
I think, you need to make payments asap. This is because negative items will remain on your credit report for the next 7 years. Charged-off account is treated as a negative item. So, you can contact with Portfolio Recovery and negotiate with them. You may try to settle the debt with them on your own. If they agree with your settlement proposal, then you may make a written request to them to update your account status as ???Settled Charge off??? after repaying the debt.
