I've heard that if you owe let's say $1,000 to a collection agency you can tell them that you'll settle for $500 w/ one payment but not until you recieve a letter from them stating that any bad reflection on your credit report will be erased. like you were never late on a payment. Also can credit cards go after your assests for an amount of $1,000? How long will these delinquencies stay on your credit report? I've heard after seven years it will be gone even if you don't settle with the collection agencies.
2006-09-20 06:16:45 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
i have heard of settling a debt for a smaller amount but you cannot remove anything from your credit history and neither can they only the credit bureau can and only if they were given reason such as "it was documented late but wasn't by collector" and they would still have to investigate it. it will however state on your credit report that the account was closed and payed off for lesser amount. good luck.
2006-09-20 06:20:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Most credit card companies will settle for 50 or 60% of what you owe in a lump sum. Some of them will settle for just the total of all your charges with no interest or late fees included. They can't erase past late payment history but your credit report will show the account was "settled in full" and closed instead of "paid in full". You generally have to be over 180 days late on your payments before they consider this. Unless you're dealing with Bank of America. They won't settle for anything less than the full amount.
2006-09-20 13:23:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You might want to contact a credit counselling agency in your area. They can help you by working with the collection agencies into accepting less than full payment or at least to stop charging you interest and late fees. And although it will still stay on your credit file for 7 years, there will be a note saying that you went through credit counselling, which looks a lot better in the eyes of future lendors.
2006-09-20 13:28:41 · answer #3 · answered by kej 2 · 0⤊ 0⤋
You can ask for a pay for delete from the collection agency, but be sure to get it in writing before sending any payments. Once paid off, they should remove it from your credit report. I'm in the process of getting a payoff for a delete from my credit reports. If you decide not to pay it, they either can come after your assets, or wait the 7 years from your first original creditor's deliquency. You go by what the original creditor's last update was and not the collection agency. This is their way of keeping it on longer on your report.
2006-09-20 14:26:54 · answer #4 · answered by Shorty 1 · 0⤊ 0⤋
it sounds like you want to have youre cake and eat it to. if you settle for a lesser amount you can bet youre a*s it will show up on youre credit. it is doubtful that a credit card company would sue you over a 1000 bucks. it not worth their time. but why would you screw youre credit for such a small debt?
2006-09-21 01:33:26 · answer #5 · answered by namkciub 3 · 0⤊ 0⤋
no such thing as bargaining for removal
they cannot go after assests unless you are very rich and just are refusing to pay
bad credit stays on your credit report for 7 years
2006-09-20 13:26:05 · answer #6 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋
Just wait for them to make you an offer to accept a lower amount, then pay them off. After that, you cannot be harassed by them any more and you can expunge the debt from your credit record.
2006-09-20 13:24:55 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You should try our credit repair program. I had 35 deliquent acct. and now I only have 5 thanks to this program. It brought my score up alot check it out http://rstinson.bettercreditpro.com/
2006-09-20 13:34:15 · answer #8 · answered by Anonymous · 0⤊ 0⤋