Pay to Delete???

Question

I have heard I can do a pay to delete on my charge off. To make a long story short. My ex charged up a credit card we had together and left me with the bill. I was able to pay half of it, but the other half I let go to a charge off. I was sick of his mess. I didnt pay it since reguardless it was a charge off. If I do a pay to delete what are they deleting? The neg. times? The entire account like it never existed? or just the collection company? Can someone tell me what I need to do to start this and what it will do for me. FYI, balance is $581.Thanks

The debt is from almost 2 years ago. I have ignored them for a while.

How is it wiped out? Do I have to give the letter to the Credit Agency or do they do it for me?

Answer 1

everything is wiped liked you never owed ..GET everything in writing..how old is the bill

Answer 2

Sounds shady. It's true that paying a debt improves your credit score better than not paying it, but the evidence remains on your record for ten years. There is no way to delete it just because you paid it. (That it was a problem in the first place is important to lenders.)

Since the debt was a charge-off, a debt recovery company bought it for a song and is now using double-speak to coax payment out of you.

Personally, my opinion is to ignore them. The original lender recovered his loss through insurance for that purpose. The recovery company paid about 10% for it, so they'll make lots of money if you pay, and the original lender won't see a dime of it. While old debt on your record doesn't help, it's recent debt and how well it's handled that counts the most.

Answer 3

You need in writing from the collection company that upon payment of the balance it will be removed from your credit rating, if not it will remain on for 7 years, showing satisfied, but still remaining