How effective is calling collectors and offering to pay in return for a letter of deletion??

Question

Does anyone know....? I want to pay off this stupid $72 charge for some crap I had a long time ago (not 7 years though :) and I want to contact them about deleting it in return I will pay what I owe....But I don't know if I should try it. What do you think? And what if they try to play hard ball with me what should I do or say? Please help! Thanks!

Answer 1

Don't speak to them on the phone - do everything in writing.

Send them a debt validation letter then, if you are still within the statute of limitations (SOL) or you just want to pay, send a pay for delete letter.

If you are out of SOL you are not legally bound to pay them.

I was answering your other question about SOL, but you pulled it before I could enter my answer. I don't blame you for pulling that q. you were getting some pretty bad answers.

There are two types of SOL, debt collection SOL and reporting SOL.

Debt collection, for the state you had listed, is 4 years for both open and written accounts.

Reporting SOL depends on the type of debt. If this is a credit card then it would be 7 years from the first time you were 30 days late and never brought the account current leading to the charge off.

You might check out the site I've listed and do some reading in the newbie forum and then in the credit forum.



To Joe M:

If the account was deleted through a dispute by you before the 7 year reporting period was up, then it can be reinserted. But, the credit bureaus must notify you within 5 days (per the FCRA) if they reinsert a tradeline.
If they don't, send them a letter, certified mail return receipt and demand permanent deletion.

If it was reinserted after the 7 year reporting period it is a FCRA violation. Demand deletion. If they fail to delete file complaints with the FTC and your states attorney general. Then resend your deletion demand (include copies of your complaints). If they still fail to delete, speak to a lawyer.

Answer 2

Echo,
You seem to know what your talking about. If something is 7 years old and you disputed it and it was erased from your credit report can it be put back on? Just wondering. Thank you!

Answer 3

If you pay an old debt, call them FIRST. Tell them you want it in writing that once you pay them in full, they will clear it off your trw or expedia report. But, you don't negotiate with them. They give it to you in writring FIRST and then you pay them. Chances are, they will. Good luck. (been there done that)