How do you "negotiatie" with a credit card company to remove negative items from your report?

Question

I've read that if you have old debts that you are finally able to pay off, you should call / write to the credit card issuer and ask them to remove negative items from your credit report in exchange for having the debt paid off.

Can someone please tell me how exactly I can do this? Would anyone happen to have a sample letter for this purpose?

Does this actually work???

Thanks in advance!

Addendum: The account is current, and payments have been on time for the last couple of years. The were just 2 or 3 late payments back in 2004.

Answer 1

You can try, but if the payments were actually late, they most likely will not remove the negative marks. This is part of my job at the bank I work for, and most disputes I receive from the credit bureau are not mistakes. But some companies might be willing to work with you on this. It also depends if your account was a charge-off or collection, etc. Occasionally, we will remove a late mark from a credit report. It depends on the situation.
If you choose to contact them, be as polite as possible and don't insist on anything. Be flexible and you'll most likely get a positive result. Good Luck!!

Answer 2

I dont think that they will actually remove the item. What they will do (if you write to them) is update your HISTORY to reflect the most recent event. SOmetimes this is automatic, most often it is not. I agree with the other posters that you must contact the agency directly and negotiate your best deal directly with them.
Whatever you get them to agree to, have them send you confirmation in writing so that you can send your copy into the credit agencies after you uphold your end of the bargin. If they refuse to send you a copy of what you have agreed to, then dont assume that they agreed to it. They might (once they have found out that you have the money) go after you for the full amount.
If you have already paid the debt, simply write to the credit agency and dispute the accuracy of yoru report. They will do the investigation for you by contacting the person and having them update the records...if the company in question does not do this, the item is removed.
GOOD LUCK and COngrats on getting your financial house in order!

Answer 3

The simple truth is that you do not have to endure bad credit for seven to ten years as long as you feel comfortable challenging the accuracy or verifiability of your credit listings. If so, it is possible to restore creditworthiness within a much shorter time.

Many "credit repair" companies claim to remove negative credit with the flick of a wrist. Their advertisements make bold assertions and money-back guarantees: "Bankruptcy, tax liens, judgments... no problem!! One hundred percent guaranteed!! Credit report 100% cleared in 30 days!!" Can they really make such sweeping guarantees?

While some credit repair companies are outright frauds, others are not fraudulent and they use the dispute process to obtain impressive results. In fact, they delete thousands of negative credit listings every day.

Unfortunately, it is risky to trust anyone to help you restore your credit. It is estimated that fraudulent credit repair companies have bilked Americans out of more than fifty million dollars. The majority of credit repair companies were started by entrepreneurs with a penchant for marketing. Consumers have flocked to these "credit doctors" only to discover that their advertisements proved far more impressive than their results. Hiring a credit repair company is like playing Russian roulette. Many of them are effective and legitimate, but it is difficult to tell a rip-off from the real article.

So, can credit repair companies guarantee results?

Not a chance! No credit repair company is so good that it can guarantee a specific outcome. It would be like a defense lawyer guaranteeing that the jury will find his client innocent. Guarantees are a sure sign of credit repair fraud. A warranty, where the credit repair company promises a refund if certain results don't occur, is a better, more realistic claim. Lexington Law is a respectable company that we recommend.

Not surprisingly, the credit bureaus have declared war against the credit repair companies and those selling instruction on how to do-it-yourself. The bureaus lambaste credit repair companies in the media and send anti-credit repair literature to anyone whom they suspect of using credit repair services. The bureaus unflinchingly deny that accurate information can be removed from a credit report.

However you decide to address your credit challenges, realize that regardless of what you may hear in the news media, thousands before you have sought help and restored their credit. They can show you their homes, cars, and credit cards. Despite the newspaper articles, TV reports, and other credit bureau propaganda to the contrary, the simple truth remains: you can restore your credit.

Answer 4

your best bet is to negotiate with them, NOT to remove it, but to report it as paid in full and closed by consumer.
If up until now, you have had late payments, missed payments, over limits fees etc (which is usually the case when you are negotiating with a credit card company) it is good to at least have old credit on your credit report. (as long as what they are reporting isn't negative).
one thing that is factored into the calculation of your credit score is DEPTH of credit. that means how long your credit goes back. so don't be so quick to try to have them stop reporting completely. just make sure they report favorably.

Answer 5

This isn't a direct answer to your question, but it does relate.
Visa wanted $7,000 and had a collection agency contact me. I sent a registered letter to the head office explaining my situation and offered to pay them $3,000 immediately to close the account.
The majority of the amount was interest. I didn't deal with the collection agency, nor the bank branch. They agreed to accept my payment and closed the account. I'm not sure how my credit report was affected.

Hope this helps you in some way.

Answer 6

no longer something could properly be bumped off out of your credit document it rather is real era. basically time 7-years on your case from the final reported date. there is not any reason to pay people to eliminate issues out of your credit, you're able to try this your self for the fee of a postage stamp if the products are fake. so a good distance as credit fix, they are scams the 2007 version of client action handbook printed bu the government says so.

Answer 7

no you can dispute them w/ the credit bureaus if they are old and they MIGHT be able to change it to positive

Answer 8

wright them a letter and pay them you charged it so pay for it