Pay For Delete--Clarifications

Submitted by Anonymous (not verified) on Sun, 01/25/2009 - 00:07
Forums
Credit repair

I have two basic questions regarding pay for delete letters.

1.) If the account has been charged off. Is it possible to negotiate with the original creditor if you're willing to pay the full amount?

2.) If so, does the orignal creditor delete the account entirely or do they mark the account as current and close it?

I ask because I have seven years of good credit history with the creditor before falling behind after being out of work for six months and encountering medical problems. Now that I'm back on my feet, I'd like to start repairing the damage done to my credit report.

My hope is that my past history with the creditor might work in my favor.

scott

If your account has already been charged off by the original creditor and the original creditor still owns the debt, then the charge off listing can be removed. All you need to do is to make the creditor agree to pay for deletion agreement in writing. However, if the original creditor has sold off the debt to a collection agency, then the charge off listing cannot be removed from your credit report and it will stay there for seven years from the date of your delinquency.

Mon, 01/26/2009 - 10:26 Permalink
Mary

If you pay off the debt in full, the account will not be deleted from your credit report. It will be marked current and will be closed. Accounts cannot be entirely deleted from your credit report since there has been a loan in your name and social security number. You past credit history will not determine whether the original creditor will remove the charge off listing or not. It depends on your power of negotiation for PFD. However, if the OC agrees to delete the negative listing from your credit report, get it in writing before you pay off the debt.

Mon, 01/26/2009 - 10:38 Permalink
nubi (not verified)

I already made settlement payments, Could I still do pay for delete request? Is it too late????? Please help. THey told me that the account will appear as: Settled

Wed, 02/04/2009 - 06:48 Permalink