I have a few collection accounts on my credit that I would like to get rid of. My ex husband was suppose to pay them and didn't now they are on my credit. I heard about people making settlement agreements with full deletion. What is this and how do you do it? Do you have sample letters? has anyone actually done this and did it work?
2007-05-07 03:10:17 · 4 answers · asked by Curious Cat 2 in Business & Finance ➔ Credit
I'll try to word this so it is perfectly clear, as we still seem to have people who claim to be professionals (YSIC) who say otherwise.....
Yes, it is true that you can negotiate with a creditor to have a negative item deleted from your credit report, once the bill has been paid. If any of you "professionals" wish to dispute this, please supply me with a source to back you up. I have helped many people do this, so I can guarantee it can be done.
No, there is no law that prohibits a creditor from deleting their own report.
No, it's not in the agreement between creditors and the credit bureau either. I've read it...not there.
So if you wish to continue to claim otherwise, either supply a source, or be prepared for me to point out your error.
Negative reports can be removed. You need to negotiate a settlement with the creditor (they are NOT going to remove it unless the bill is paid) and ask them to delete it. GET IT IN WRITING! Never believe a debt collector's word!
Many creditors will not delete it. If that's the case, and the only reason you are paying this debt is to clean your record, you are silly to pay them a dime!
2007-05-07 08:25:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I hate to tell you, you were misinformed. There is no such thing as full deletion. Once a collection account is on your report, it will stay there for seven years from the date of last delinquency. Period. If you pay it, settle or don't pay, it will not fall off until that time period is over.
If you pay or settle, the credit bureaus will reflect that on your report. It will say "Settled for less than full balance" or "Payment arrangement". (whichever the case may be).
In order to settle, you must contact the collection agency and negotiate an amount. Make sure you get this in writing. You don't want to agree to something on the phone and then they contact you and say, "Thanks for half, where's the rest?" when you agreed to something else. After you've paid, make sure you get another statement showing that the balance is zero. Send a copy of that to the credit bureaus that are reporting your accounts and they will update them. It's very simple.
Good luck!
2007-05-07 10:29:42 · answer #2 · answered by YSIC 7 · 0⤊ 0⤋
You can indeed settle with collection companies normally for around 50% of what you owe.
Now getting they deleted from your credit report is something all together different.
Nothing can be deleted from your credit report that is true. You can ask them to delete it as a condition of you paying them, but do not expect them to agree unless you are paying them in full. And even then they most likely will not agree.
If they do? Be sure and get everything in writing before you send them a dime. Then pay by cashiers check or money order so you have a paper trail.
2007-05-07 10:27:34 · answer #3 · answered by ? 7 · 1⤊ 0⤋
What I did is pay them off and then ask for them to be removed from my credit report.. and they did
2007-05-07 11:53:08 · answer #4 · answered by shorty21 5 · 0⤊ 0⤋