I have about 15k of debt and I would like to take care of it one big go. So pay the maximum on each debt to get it wiped. Now my question is, if I ring up the collection agencies and tell them this, do you think they would accept my one demand of having all information wiped from my credit report? Especially if I asked for it in writing, etc, before sending any payment?
2007-02-22 09:50:45 · 7 answers · asked by Cali Dude 4 in Business & Finance ➔ Credit
I am not demanding anything from a creditor, I am demanding it from a collection agency.
2007-02-22 09:56:37 · update #1
Again, if you read the question, you will read that this is with a COLLECTION AGENCY and I have the FULL AMOUNT.
2007-02-22 09:58:43 · update #2
NOPE. You are in dreamland. Clean up your mess by settling IN WRITING w/ each creditor. Settled status is better than deadbeat status. If you are way behind w/ them, they will take less than you owe if you don't have the full amount. Dave Ramsey explains how to do this in his book "The Total Money Makeover". You can get it in bookstores or on his website.
But, listen. Borrowing money has led you to this much greif, why do you want to fix your credit? So you can do stupid all over again? Stop the insanity. DH & I drew a line in the sand in 2003 & said, "We're never borrowing money for anything else as long as we live." It has been the best decision we have ever made together (besides getting married). We are happy, we live on a budget & there is always CASH on hand for unexpected expenses. It is extremely liberating.
Best wishes!
2007-02-22 09:57:25 · answer #1 · answered by Tom's Mom 4 · 0⤊ 0⤋
The collection agency can place a comment with the bureaus that you paid the collection in full, but they cannot legally erase or alter your credit report by falsifying informaton or deleting items which are paid. Even though the debt is paid, it will remain on your reports (as paid) until 7 years from the original debt date.
2007-02-22 13:06:38 · answer #2 · answered by Mariposa 7 · 0⤊ 0⤋
no. but what you can do is call the original creditor and ask them if they will erase the debt if you pay in full (or settle). the worst they can tell you is no. the collection agency has no power over how the account reports.
2007-02-26 06:12:33 · answer #3 · answered by rstall384 2 · 0⤊ 0⤋
join a debt settlement company. they will negotiate with your collection agency and bring down your principal debt amount by around 30% to 70% depending on your credit cards. You have the options to make minimum monthly payments. You can also pay lumpsum amount and get rid off the cards immediatle but it is entirely upto you.
I have had the same situation a couple of years back and this company helped me a lot.
http://www.debtfreeafterall.com
They are the best debt settlement companiy i have come across after lot of intense research regarding settlement companies.
2007-02-23 03:58:11 · answer #4 · answered by Hima K 2 · 0⤊ 0⤋
You MAY be able to get that agreement from the ORIGINAL creditor. Collection agencies can remove the original debt from your report even if the want to.
2007-02-22 10:36:24 · answer #5 · answered by STEVEN F 7 · 0⤊ 0⤋
can you get a loan at a place other than BofA?
You can't demand anything out of the credit groups. They hold all the cards. Negative remarks on your report WILL follow you.
2007-02-22 09:55:01 · answer #6 · answered by Dizney 5 · 0⤊ 0⤋
http://www.daveramsey.com Dave can change your financial life.
2007-02-26 06:53:20 · answer #7 · answered by princess_bluerose 2 · 0⤊ 0⤋