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I have a collection from BofA for $300 & another

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Tonyv33

Joined: 04 Mar 2010
Tonyv33's page
Posts: 4

73 Magic Points

Subject: I have a collection from BofA for $300 & another

Thu Mar 04, 2010 7:39 pm

From Washington Mutual with a diff CA. Need to remove from report what are my best options.

cinnamngrl

Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1455

6339 Magic Points

Thu Mar 04, 2010 11:37 pm

Send DV letters
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fireyone

Joined: 26 Feb 2008
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Posts: 4285

127 Magic Points

Fri Mar 05, 2010 3:14 am

If they do validate try to work out a pay for delete. This is an arrangement where if you pay off the debt they agree to remove it from your credit report. always get this in writing!

Aaron

Joined: 08 Feb 2010
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Posts: 2675

48566 Magic Points

Subject: different collection agency

Fri Mar 05, 2010 5:09 am

Hi Tony,

You can send a debt validation letter to the collection agency. With the debt validation, you will be able to know if you really owe the debt, and how much you owe. For a sample debt validation letter, you can refer to http://www.creditmagic.org/repair/sampleletter-debtvalidation.html .

If you really owe the debt, you can pay the dues you owe in full. However, if you think that it won't be possible for you to pay the full amount, you can request the collection agency (CA) to agree to a settlement. Debt settlement lowers the outstanding debt mount by 40-60%.

Along with the agreement to pay the dues, you can request the CA to agree to a "Pay for delete" (PFD) agreement. With the PFD agreement, your account will be reported as either "Paid in full" or "Paid as settled". You will be able to find a sample "Pay for delete" letter at http://www.creditmagic.org/repair/pay-for-delete.html .

However, if you think that the you don't owe any money, you can dispute the item with the credit bureaus.

Hope this helps.

Regards,

Aaron
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TV
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Subject: Credit Scores

Fri Mar 05, 2010 9:45 pm

Does anybody know how many points on avg a PFD increase your score? #justasking

cinnamngrl

Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1455

6339 Magic Points

Sat Mar 06, 2010 1:25 pm

pfd= pay for deletion so this would be the same as remove any negative. I have had as much as 100 point jump. the highest point jump will be if it is the last negative.
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