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Pay to Delete Record

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jgevertz



Joined: 04 Jun 2009
jgevertz's page
Posts: 3



76 Magic Points
Subject: Pay to Delete Record
 
 Posted on Thu Jun 04, 2009 2:33 pm  
Is it possible to have a creditor that you do not owe $ to, but had multiple late payments to, delete their credit record on your credit if you pay them to do so? Is this legal? Would they be willing to do this? Thanks.
Doc

Doc

Joined: 02 Dec 2008
Doc's page
Posts: 184
Location: McKinney, TX


1127 Magic Points
Subject: Not ILLEGAL
 
 Posted on Fri Jun 05, 2009 1:46 am  
In order to maintain the integrity of the reporting systems, the bureaus and the regulating industry organizations urge AGAINST deleting paid collection accounts, or any other pay for [x] arrangements...

They still do it, for sure, but the practice is definitely discouraged...
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-Doc Compton, Omega Credit Repair
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http://www.omegacreditrepair.com
rachael



Joined: 11 May 2009
rachael's page
Posts: 234



6581 Magic Points
 
 Posted on Fri Jun 05, 2009 3:46 am  
Hi jgevertz,

If you have few 30-60 day late payment, you can request your creditor to remove them, after you have paid in full. If you are able to convince your creditor, with some valid reasons for making late payments, he may agree to remove the negative remark. But if you have been late in making payments for more than 180 days, the creditor will charge-off your account. A charge-off remains on your credit report for 7 years from the day you became delinquent.
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