I always had a hard time understanding this "Pay For Delete" method. From what I was told many CA don't deal with "Pay For Delete" agreement. I mean once your debt from the CA goes to the Credit Bureau how can the CA possibly have the authority to change a negative account on your record? I always thought the best thing the CA could do is to have it as a "Paid in Full" account. Also is it possible to negotiate a "Paid for Delete" on a Student Loan that went to collections?
2007-12-20 16:05:55 · 4 answers · asked by ezreps 2 in Business & Finance ➔ Credit
Who is they? I don't think the CA has the power to delete anything.
2007-12-20 16:29:21 · update #1
Both the OC and the CA have to be involved. Are you kidding me what is the chances of the OC doing something like that...LOL
2007-12-20 16:34:27 · update #2
Can this be done on a Federal Student Loan that went to collections?
2007-12-21 15:17:35 · update #3
The Fair Credit Reporting Act doe's allow for collection Companies to remove information that was previously posted.
If the collection companies agree to a pay for delete agreement, get it in writing before you pay them a dime.
I have helped several people do this over the last year and a half so I know it can be done.
Original creditors can not remove correct information due to their contractual obligations with the credit reporting agency's.
2007-12-21 02:34:41 · answer #1 · answered by ? 7 · 4⤊ 20⤋
"Pay for delete" doesn't show up of the report. They agree to accept a certain payment in return for deleting the "charged off" entry they previously reported. They will do this because getting something is better than getting nothing, which is what they have if they leave the "charge off" entry and you don't send them money.
2007-12-20 16:21:06 · answer #2 · answered by Ted 7 · 3⤊ 0⤋
They cannot "pay for delete" - if it's not legitimate, then they can remove it - if it's legitimate, it stays on no matter what.
You can settle it, but it will still show as settled.
the CA can't change anything, just submit the same paperwork you could do on your own (and for a lot less money).
2007-12-20 16:11:31 · answer #3 · answered by Anonymous · 0⤊ 9⤋
No idea what you are talking about. NEver heard of anyhting called "paid for delete" associated with a credit report.
2007-12-20 16:09:32 · answer #4 · answered by Anonymous · 0⤊ 9⤋