I mean do the really work? Are the CA's gonna erase a collection from your credit report with one of these letters?
2007-09-08 02:51:05 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
I downloaded a copy of one of these letters and mailed it to one of my creditors. They accepted my offer and removed the negative information from my credit report. It has yet to rematerialize. Hope this helps.
2007-09-08 07:03:38 · answer #1 · answered by HA HA HEH HEH 2 · 1⤊ 0⤋
I have worked with a lot of people trying to fix their credit.
My #1 rule is NEVER pay off a debt unless the credit agrees IN WRITING to DELETE the negative information from your credit report.
Remember, the reason you are paying the debt is to fix your credit. It does absolutely no good when the negative info remains.
When you pay a debt, the creditor is only required to show "paid" on your report, but all of the other negative information about late payments, charge off's and collections is still there.
Creditinfocenter is a great site...also look at http://www.creditboards.com and go to their letters forum. There are some form letters there covering several topics.
It does work! Creditors couldn't care less about you or your credit...all they want is their money. But get their agreement IN WRITING! These guys tend to lie a lot also.
2007-09-08 20:44:34 · answer #2 · answered by Anonymous · 4⤊ 1⤋
Here is the form letter.
They work IF the creditor is open to exhausting all means of collection.
Secondly, when doing this -- no verbal communication to the creditor. Everything is in writing sent certified mail (no return receipt necessary) but keep postal receipt.
If the creditor accept the pay-for-deletion terms, send the a copy of their agreement letter with a copy of your cleared check to the credit bureau for them to remove the item from your credit file.
Enjoy.
2007-09-08 11:37:45 · answer #3 · answered by DaMan 5 · 0⤊ 0⤋
There are laws in place to protect you, if you have an item on your credit file it is your right to dispute it. It does take a bit of diligent to have it removed these companies are working this is there job to collect or threaten what is more dear to you your credit.
Download the letter, send it in certified mail, wait 45 days if no response send a demand letter dated on The 45th day. You will get a response.... I have removed several items off my credit file especially those that are paid. All it takes is patients and be very diligent.
2007-09-08 17:31:03 · answer #4 · answered by dundealcreditrepair 1 · 0⤊ 0⤋
Yes, they really work, but you also want to get it in writing that they will do it...here is a great website that gives tips for settling your debts:
http://www.creditinfocenter.com/rebuild/
Another option is requesting a debt validation (instructions are given on the same website) this is a great tool for dealing with old collection accounts on your report because ususally they cannot validate the debt and are forced to remove it from your credit report and stop trying to collect the debt.
2007-09-08 10:47:59 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Do not listen to the first poster, I really think he must work for a collection company.
Anyway SCH is correct.
2007-09-08 14:08:50 · answer #6 · answered by ? 7 · 0⤊ 0⤋
No, companies promise they will get legitimate negatives removed. You pay the fee but even if the negatives are temporarily removed, they come back.
If there are errors on your credit report, you can dispute them with the credit bureau. If that collection entry is yours, it stays for 7 years.
The moral thing to do is negotiate settlement of that bad debt. It will make your credit report look better.
2007-09-08 10:47:57 · answer #7 · answered by bdancer222 7 · 0⤊ 4⤋