paying a much lesser amount (say, $500 less) (settling) but without a guarantee of deletion?
Also, if you have something deleted, is it 100% gone from your report, (no record of it ever being there)?
Thanks for any help!
2007-03-13 21:16:17 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
If record of the debts are never taken off your report, then what exactky does the phrase "pay for deletion" mean? I have heard that phrase alot, must mean something??
2007-03-13 21:39:36 · update #1
Just for the sake of argument - If I had a long time to go with it on my report, I would "think" about paying the extra.
But, knowing the collection agency paid pennies on the dollar for the account I would probably demand full deletion along with demanding they accept a partial payment as payment in full.
Your records are never 100% gone. The CRA's hold onto everything.
edit++++
You have a file with the CRA's that everyone who pulls your reports sees.
And you also have a file of old/deleted data that only the CRA's see. (they are little pack rats)
Pay for delete means - you make an agreement with them that you will pay the debt AND they delete the negative tradelines they had placed on your reports.
2007-03-13 21:34:20 · answer #1 · answered by echo 7 · 0⤊ 0⤋
I am a mortgage loan officer, nothing can ever be deleted from your credit report it will just show that the debt has been satisfied (paid off), If you settle with a creditor, there is NO guarantee that it will be showed as paid off, I would get something in writing from that creditor before I settled, because then you can dispute it with the 3 major credit bureaus, if the debt does not show as paid off on your credit report. However, It will go off of your credit report but it takes a few years.
2007-03-14 04:26:43 · answer #2 · answered by Loan_Officer_Diva 2 · 0⤊ 0⤋
The first part is obvious. Ofcourse its better to pay the full amount and get it deleted. However, I don:t know how much problems Americans have when you have stuff on your record. If it says you paid it all off I don:t think it can be too bad??? even if you settle and is on your record? Do you think you might need to take out a loan in the next 10 years?
2007-03-14 04:25:53 · answer #3 · answered by Jumpy 2 · 0⤊ 0⤋
they are right, even if you pay it, they wont remove it (even if they claim they can or will), it will just show that the amount owed is "satisfied"
CREDIT REPORT INFO / REPAIRS
https://www.annualcreditreport.com/cra/helpfaq
http://www.bankrate.com/brm/news/forms/credit-report-error-fix.asp
http://www.bankrate.com/brm/news/bankruptcy/20070313_credit_report_stains_a1.asp
http://www.bankrate.com/brm/news/forms/credit-report-error-fix.txt
2007-03-17 11:07:59 · answer #4 · answered by Yvette B yvetteb 6 · 0⤊ 0⤋