If I pay the balance in full, are many collection agencies willing to remove the mark on the credit report? Any ideas or suggestions on how to go about beginning the process, and websites with sample letters?
2007-10-26 07:42:23 · 9 answers · asked by MeMyselfandI 1 in Business & Finance ➔ Credit
Ok, first, dont pay anything. Write the collection agency a letter stating you are willing to pay the amount on the condition that they remove it. Tell them they neen to send you a letting in writing stating this. The letter you need to write them is called a PFD letter (pay for delete). Just google it and you will find a template. Change the letter so it fits your situatuion. Once you get a letter from them stating they will remove it, pay em. They might try and tell you it is illegal to do that. IT IS NOT. I have done this with 4 collection accounts and they removed all 4. If they tell you they cant, wait a month and send the letter again. A collection agency wants there $. If the only way to get it is to delete your negative you better believe they will do it. Good luck, dont let anyone here tell you its imposible, because it does work!!
2007-10-26 08:01:32 · answer #1 · answered by bill t 2 · 0⤊ 0⤋
First off, has the debt been verified in writing from the collection agency?
Is it an old debt from previous years and has just now shown up on credit report?
If the account was previously paid and not removed then there are letters you can send to the credit reporting agencies requesting removal of said entries.
Here are some links to help you!
http://www.access.gpo.gov/uscode/title15/chapter41_subchapteriii_.html
US CODE TITLE 15 CHPT 41 CONSUMER CREDIT PROTECTION
http://www.budhibbs.com/drowning_in_debt.htm
2007-10-26 08:27:27 · answer #2 · answered by Sgt Big Red 7 · 0⤊ 2⤋
maximum series agencies gained't execute a "pay for delete". in the experience that they are promisinig this, get the settlement in writing in the previous you compromise. the very incontrovertible truth that they are asking on your bank account files and a examine type sounds like a huge pink flag to me. in no way ever supply a creditor get entry to for your checking or savings account. do not deliver them any funds until eventually you've a written settlement. this corporation thinks that you're stupid and could in simple terms bypass alongside with them. i'm having a gamble that they don't have any purpose of deleting some thing out of your credit record. you go with to position in writing them again and request a freelance. as this has been despatched to collections, your credit is already damage. in simple terms distinction will be if the debt is showing open, or settlement.
2016-10-23 00:55:40 · answer #3 · answered by corujo 4 · 0⤊ 0⤋
Sure, some collection agencies will do this in order to get you to pay in full. However, it remains entirely possible that the original debtor reported your debt as being turned over to collection, and they cannot do squat about THAT line item.
Proceed with caution.
2007-10-26 08:01:03 · answer #4 · answered by acermill 7 · 0⤊ 1⤋
Now for the correct answer.
This is called a "pay for delete agreement" and yes collection companies will sometimes remove their activity if you pay in full.
Send them a certified receipt requested letter detailing your proposal and wait for their response.
If they agree, do not send them a dime until you have the agreement in writing and then you can pay them.
2007-10-26 07:57:27 · answer #5 · answered by ? 7 · 4⤊ 1⤋
once the debt as got to a collection agency the damage as been done and even paying the debt will not get the damage on your credit score moved. you see the company you owed the debt to sold the debt on and they will still be grieved that they lost money on the deal so getting it removed will be almost impossible
and it will not show on your credit report as paid in full the collection agencies do not have access to the database and in actual fact you have not paid in full to the orginal company that you owed the debt in the first place. and only this company can get the credit report altered
2007-10-26 07:49:23 · answer #6 · answered by Anonymous · 0⤊ 6⤋
Good question. No, they won't remove it, but it will show up on your credit report as "paid in full". This is good. Additionally, after you pay it in full, it will remove itself permanently from your credit report in seven years. That will go by faster than you think; in the mean time, as long as it's paid off, it should not hurt you.
2007-10-26 07:47:04 · answer #7 · answered by baklavakay 4 · 1⤊ 5⤋
You can ask for a settlement, write a letter saying you paid in full, make copies, then contact the company that you initially owed. It will stil show on your CBR, 30 days later, but make sure it shows as "Paid in Full".
Good luck!
2007-10-26 07:52:07 · answer #8 · answered by Anonymous · 0⤊ 4⤋
Its not up to the collection company they are the on a leash held by the company that went after you. They cannot do anything but call and harass, that is their purpose, in order to get your credit back in good order you need to talk to the company that set them on you to begin with.. that is the only way it can be done.
2007-10-26 07:45:51 · answer #9 · answered by Tapestry6 7 · 0⤊ 6⤋