Pay for delete letter: Negotiate to remove negative listing

Joined: 28 Jun 2006 Posts: 446 10880 Magic Points

Yes, it means that the woman represents a debt settlement company. These companies have tie ups with the creditors and so they can negotiate with the creditors to bring down your outstanding debts to 60% of the outstanding amount. However, debt settlement does not improve your score much, but prevents you from being sued by the creditor.

2daze · Guest 0 Magic Points

Deleting all my bad credit history from Equitax, Experian and Trasuion
is there a way to this?

Dan · Guest 0 Magic Points

Ok, thanks again for the input guys

So, to be clear....

Would it, or would it not be better to send a PFD letter to the collection agency to get them to do a PFD and if I pay in full, even though the CA already told me over the phone they wouldn't do PFD? Might it land on somebody else's desk that is not quite so stubborn?

Joined: 28 Jun 2006 Posts: 446 10880 Magic Points

If the debt is with the collection agency, and the CA does not agree to pay for deletion agreement, you can ask the CA to change the status to "paid in full" after you pay off the debt. This will be positive for your credit report.
Now, even if the CA agrees to PFD, you can only remove the CA listing and not the OC listing. So it is better to pay off the debt after you get it properly validated by the collection agency. If you pay off the debt, you can prevent yourself from getting a judgment.

Dan · Guest 0 Magic Points

Ok, thanks again scott.

Dan · Guest 0 Magic Points

Also, my credit score is currently 589. If I pay it and they change the status to "paid in full" how much can I expect my score to go up?

If they won't change the status to "paid in full", what is the alternative?

Joined: 27 Jun 2006 Posts: 1307 29565 Magic Points

Hi dan
Why don't you sign up with this forum and post you query? If you sign up and make the same post as registered user, you can earn magic points from this forum which you can encash later. For every 1000 magic points you earn, you get $10. Membership is totally free and you can visit the link forum registration for becoming a member of the forum.

Joined: 28 Jun 2006 Posts: 446 10880 Magic Points

If you pay off the debt in full, the creditor have to change the status to "paid in full" in your credit report. "Paid in full" will also show as negative, but as compared to "settled for less" it gives a positive impact to your credit report and score. You cannot expect to increase your score much by just "paid in full" listing. You should try and improve your credit history to increase your score. "Paid in full" only saves you from the creditor bringing judgment against you to recover the outstanding debt.

Shaquil · Guest 0 Magic Points

I agree this is a good sample letter I will be using this to send to one of the collection ccompanies that, said that they will settle however thay do not want to send me something in writing until I make the first payment.

joy · Guest 0 Magic Points

can you delete inquiries

joy · Guest 0 Magic Points

how do you delete repos?

Joined: 17 Jul 2006 Posts: 1240 28942 Magic Points

Hi Joy
Hard inquiries can stay on your credit report for 2 years from the date it gets listed in the report. It is a negative information which cannot be removed before this 2 year period. However if the inquiry is unauthorized, it can be removed from your report. For this all you need to do is to send a letter to the creditor asking them either to verify your authorization or remove the listing from your report. In most cases the creditor cannot verify your authorization and remove the listing from your report.

Joined: 28 Jun 2006 Posts: 446 10880 Magic Points

I think that before paying off the debt if you can negotiate with the creditor to remove repossession in return of full repayment and get it in writing, the item can be removed, else it will stay there in your report for seven years and affect your credit score.

DFRY · Guest 0 Magic Points

To Whom It May Concern,

I have a year old account that was charged-off by Verizon. It was sold twice to a third party collection agency. The current agency is not reporting it on my credit, only Verizon is, however, Verizon is unwilling to deal with these closed accounts directly, in order to remove the balance you have to work with the collection agency, who cannot give any guarantee the debt will be removed they say only paid in full or settled. How should i handle this?

Joined: 27 Jun 2006 Posts: 1307 29565 Magic Points

The collection agency can never remove an original creditor listing from your credit report. It can only remove its own listing. However, once you pay off outstanding debt in full, the status of the debt will automatically get converted to "paid in full". However, before you pay off the debt, you should get the debt validated to be sure whether you owe the debt to the collection agency or not.

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