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I have three collection accounts that I would like to remove from my credit reports. Two of the reports are on experian and one is listed on equifax. These accounts are paid. I do know people that have removed these type of account for friends of mine before and was wondering if I send a debt validation letter would help here or not.
credit
Hi, SIRBRAVO..Welcome to the Forum!!
Well, it looks like you've already looked at your CR's and found out what was listed on it. On the CR, next to the debt, should be who the creditor is and the amount you owe. Right next to that (or just below the debt amount), there should be a 'fall-off' date (ie: the date the debt should come off your CR reguardless if it is paid or not). SOL's (Statue of Limitations): all states have different SOL's. A creditor cannot sue you if the SOL is after 4 years (that means if the last payment deliquency date has been more than 4 years ago). After 7 years (that means if the last payment deliquency date has been more than 7 years), the debt should have 'fallen-off' your CR.
If the 4 year SOL has passed, and you make arragements with the creditor to make payments again, you would be 're-aging' the debt (starting the SOL over) and the time that the debt has already been on there will not count: the 4/7 years had just started over. Now..it would be on your CR longer. Hope this makes sense.
If the debt (s) are 'new' debts (last year, or so), then I would make arrangements with the creditor about a 'Pay to Delete' (if you pay the debt for exchange that they remove the debt from your CR). If this transaction takes place, keep all copies of paperwork, etc and send documentation 'certified mail' so you have proof of the arrangements (some great info, on this Forum, on how to worite a 'Pat to Delete" letter).
Let me tell ya..I didn't know anything about the SOL's at all!! This Forum helped me quite a bit to repair my credit myself and how to do it. I give the same advice to different 'posters', on this site, because that advcie was given to me...and it sure works!! Hope this advice helps
Collection Account
Thanks SDCHARGERS_63,
These accounts were paid in full last year, so there is not a balance that I need to pay. What I was attempting to achieve here is the ability for direction to get these off of my report other than the SOL. The letter of debt validation seems to be a start. If you or anyone else can expand on the next series of steps this would be great.
credit
You said the debts are 'PIF"..correct? Ok...you may want to ask the creditors/CA's to have the irem removed from your CR. (However....they are not obligated to do this.) You would use a 'Pay to Delete' letter (there is an example of one in the 'Feedback & Pub' section of this Forum). If they refuse to remove it, it can stay on your CR up to 7 years after the first deliquent payment. You would probably have to send a seperate letter to each of the CA's/creditors asking if they are willing to do this. let me know how things go.