If the debt is paid and I'm willing to pay the debts with the conditions that it be removed from my credit report. I've heard of this being done but I know that I have to have it in writing from the creditor. I want to write these letters but I'm not sure what to put in the letter.
2007-12-07 14:09:30 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
As an earlier answer said, you cannot remove accurate information from your credit report. I did collections for over 10 years. What you can negotiate is how it appears on your credit report. If you owe $4000 and are agreeing to pay $2000, you are settling for less than the balance in full. If the company reports that it was settled for less than what is due, that is negative. Many times in a settlement the person will negotiate in writing that it appear on the credit report as paid in full.
Be careful, many companies will say they can get things off of your credit report if you pay them a fee but they can't. What they will do is send mass dispute letters over and over again to all the credit reports in the hopes that the companies don't respond and the bureau takes your side and removes the reporting. That might work if the mark is from a mom & pop type place but believe me, Discover, Citibank, etc - they will all respond that it is valid and it will only have been a waste of your time.
2007-12-07 16:02:20 · answer #1 · answered by Ilsa 2 · 0⤊ 3⤋
Linkin and Ilsa you are speaking like an uninformed bill collectors, and you are both dead wrong.
There is no law that states that a derogatory trade line has to remain on your credit report for 7 years regardless. The law only states that anything reported to the credit bureaus has to be correct.
We are not talking about disputing accurate information, but negotiating a "pay for deletion" agreement.
Anyone who posts an entry to the credit reports can also remove it.
.
2007-12-07 17:53:37 · answer #2 · answered by Ti 7 · 2⤊ 0⤋
The best two free and non spam credit discussion sites I've seen online are creditboards.com and creditinfocenter.com
(creditboards is my particular favorite place to haunt on a daily basis)
Both sites are free to read, free to post in and free to use the info found on them, including the sample letter templates.
You might go to one or even both sites and do some reading in the credit forums.
I have a link listed in my profile for creditboards (last link listed)
2007-12-07 14:50:28 · answer #3 · answered by echo 7 · 1⤊ 0⤋
The only thing that can be removed from your credit report is false information. All of your credit transactions will stay on your report for 7 years.
2007-12-07 14:17:04 · answer #4 · answered by linkin 2 · 1⤊ 3⤋