I heard you can ask them to give you a letter verifying it removed from you credit report. If that is true how do you go about this?
Is there also a site that is good for credit management info?
2007-01-23 06:30:49 · 5 answers · asked by J G 1 in Business & Finance ➔ Credit
Let me set the FACTS straight, and correct what our collection agents friends are saying here.....
There is NO law that requires that any debt MUST be placed on your credit report. If I am wrong, please post a source to this law.
There is NO requirement from the collection bureau that prevents a creditor from deleting any of their items posted on an account. Again, please please post your source. Since I have read and I'm very familiar with the reporting agreements that creditors sign, I can assure you there is no such agreement.
The LAW requires only "fair and accurate" information be posted to your credit history.
That said, let me move on.....there are only two ways that you can remove a negative item from your credit history.
1) The creditor must delete it.
2) The creditor fails to respond to a dispute investigation from the credit bureau.
So how can you get the creditor to delete it? Ask them. Put into your "negotiations" that in exchange for paying your debt, they must clear all negative items from your report. Is it fair that you pay off your debt and still be stuck with a bad credit report? Why on earth would anybody pay off a debt and still be punished for it?
If the creditor wants their money, they should be willing to help you out too! If they won't work with you, then don't pay the debt.
When you don't pay your debt, the creditor gives you a choice. Pay your debt OR they will ruin your credit for the next 7 years. Don't let them get away with both!
2007-01-23 12:01:37 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can ask for any thing but that doesn't mean anything! The Fair Credit Reporting Act states that they must report honestly to your file. If they are in error then it should be removed. If there is an open collection then it will report. Once paid it will show paid collection account.
I see this every day as I am a Loan Officer
2007-01-23 06:35:54 · answer #2 · answered by golferwhoworks 7 · 1⤊ 0⤋
I would stay away from a debt management site. I would do the negotiating yourself. Pull a tri-merge bureau, contact your debtors, (you may have to go through the bureau to get their contact info), and make payment arrangements with them. Not all lenders will make this type of deal with you but a lot of them will. My company does. Getting money back is a lot better than charging off the full balance.
2007-01-23 06:38:02 · answer #3 · answered by Cynthia S 4 · 0⤊ 0⤋
You may ask them for vverification that the payment has been paid, and duly reported as such to the credit agencies.
You may not require them to remove the late payment history, nor legally can they do that.
2007-01-23 06:34:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Sure some will, you just have to make sure you get it in writing and send everything certified mail. Don't pay anything until they agree to this, and if they do and don't hold up their end of the bargain you can sue them for breach of contract.
2007-01-23 06:47:37 · answer #5 · answered by roger v 4 · 1⤊ 0⤋