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cinnamngrl
Joined: 01 Nov 2008
cinnamngrl's page
Posts: 17
801 Magic Points
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Subject: A deletion letter
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Sun Nov 02, 2008 11:18 pm
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This is a letter saying that the creditor agrees to delete account from credit reporting.
A pay for delete is a written agreement stating that the creditor agrees to delete the account after receiving x amount of money. This is basically an agreement to settle without admission of liability. You want to get two letters one for the agreement and then another when you pay. Obviously they won't send a deletion letter before they get their money. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1308
28489 Magic Points
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Mon Nov 03, 2008 6:14 am
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If you can make the creditor agree to pay for deletion agreement, then the negative listing will be removed from the credit report once you pay off the debt in full to the creditor. However, you should always made the pay for deletion agreement in writing. Now if your debt has been sold off to a CA, and if you make a PFD agreement with the CA, then only the CA listing will be removed and not the OC listing. However, if the debt is still with the OC or only the right to collect the debt has been passed to the OC, you can delete both the CA as well as the OC listing by coming to a repayment agreement with the OC
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Mon Nov 10, 2008 7:11 am
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Yes, Pay for deletion is a wonderful instrument to remove the negative listing from your credit report and improve your credit score. But for this you need to get the PFD letter in writing before you make any payment, else the creditor may not remove the listing even after getting back the outstanding amount and you will have nothing to do to remove the listing. You can find sample PFD letter in this forum itself by visiting the link www.creditmagic.org/letters/index.html
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Justin |
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annetta
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Subject: letter of deletion
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Mon Mar 30, 2009 11:53 pm
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| help creditor refuses to give letter of deletion only that it was settled , what are my other options if any |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Tue Mar 31, 2009 7:52 am
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If the creditor does not agree to pay for deletion agreement, you cannot force them to do so as per the Fair Credit Reporting Act. However, if you pay off the debt, the listing will change to "paid" in your credit report and it will save your from judgment which the creditor might bring in future. You can therefore negotiate with the creditor to mark the account as "settled as agreed" in your credit report instead of "settled for less".
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Justin |
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