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 Posted: Tue May 10, 2005 4:41 pm Subject: Is there a way to have a collection account deleted |
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Hi,And thank you for taking the time to read and hopefully answer this question. I have made a deal with a collection agency to make payments of $50.00 a month. As of June of 2005 i will have 2 payments left. Yes been a long 2 years of paying it. What if any is the best way to approuch the collection company to ask them if they would consider deleting it after i make my last payment. I do know from reading other post they dont have to. But I am preparing to buy a house and have had preety bad credit for awhile and need to have anything done to up my score. It is far below 600
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sparkie1221
Joined: 10 May 2005
Posts: 6
Debtcc Points: 358
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| Posted: Tue May 10, 2005 4:59 pm Subject: |
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Hi sparkie1221
First of all, I would like to congratulate you that you are going to become free from debt within a couple of months. I am sure that you will try to avoid any unnecessary expenses which may again put you in a bad shape. A little bit of planning and managing your finance properly is enough to live this life peacefully. After you have completed making payments, you can ask the creditors to update your information with the credit bureaus and have a clean report.
And I wish you in advance good luck for your new house. 
Roxette
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roxette
Moderator
Joined: 18 Mar 2005
Posts: 4140
Debtcc Points: 50410
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| Posted: Tue May 10, 2005 10:05 pm Subject: RE: |
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Hi sparkie 1221,
Welcome to the debt consolidation care forum.
| Quote: | | What if any is the best way to approach the collection company to ask them if they would consider deleting it after i make my last payment. |
The Collection Agency does not mind deleting your account once you have completed paying the bills at the right time. Their main intention is to retrieve their money from you and once that is done, they are most likely left with no interest on your account.
On your part, you need to negotiate carefully with the debt collector's and try to earn their trust.
To have an in-depth knowledge go trough:
http://www.debtconsolidationcare.com/credit-negotiating.html
Please stay tuned in the forum and share your experiences with us. Also give us a feedback on the proceedings, so that we can help you further.
Cheers,
Jason
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Jason
Customer Care Dept
Joined: 28 Oct 2004
Posts: 637
Debtcc Points: 4029
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| Posted: Tue May 10, 2005 11:43 pm Subject: |
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Thank you for responding, and yes Rox it's been a long time comming, and i hope that i never fall back into debt again. I do believe i have a good plan. I am sending out the 3rd to last payment this week and i will call them and ask themif they will delete it. I will post there answer when i rec ieve it as to it may help someone else on these boards.. Thanks again Pete....
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sparkie1221
Joined: 10 May 2005
Posts: 6
Debtcc Points: 358
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| Posted: Wed May 11, 2005 4:49 am Subject: |
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| Quote: | | i will call them and ask themif they will delete it. |
GET EVERYTHING IN WRITING
Try see if they will work with you on this issue by usinging something similar to this letter. change it to suit your needs.
| Quote: | Collection Agency
SOME Street
ANYWHERE, USA 00000
Re: Collection Account for Original Creditor
Account #: 00000xxxx
Amount: $XXX.00
To Whom It May Concern:
This letter is to confirm with you that an agreement to Pay In Full the outstanding amount owed, in consideration for deletion of this tradeline from my Credit report(s).
If you agree to the terms and accept this agreement, certified funds for the settlement amount of twenty-five dollars ($25.00) will be sent to Collection Agency in exchange for full deletion of ALL references regarding this account from my credit files and full satisfaction of the debt. As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies.
Collection Agency agrees to delete ALL information regarding this account from the credit reporting agencies WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, Collection Agency will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.
If you agree to the above terms, please prepare a letter on your company letterhead explicity agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Collection Agency. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.
Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act.
Please address all correspondence regarding this account to:
Mr. INeedCleanCredit
123 Any Street
City, State ZipCode |
Jerry
_________________
NOTE: Not all will agree with me, nor am I a Lawyer offering adivce, just offering my Opinion.
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jtucker
Moderator
Joined: 01 Mar 2005
Posts: 121
Debtcc Points: 7274
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| Posted: Thu May 19, 2005 12:09 pm Subject: |
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Ok I just got off the phone with the collector and he said that they do not deal with that issue that i have to go to the origanal creditor witch is Capital one bank, is that tru, my credit report does show it as capital one and not a collection copany?? Any ideas
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sparkie1221
Joined: 10 May 2005
Posts: 6
Debtcc Points: 358
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| Posted: Fri May 20, 2005 3:02 pm Subject: |
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Hi sparkie
I believe there is some sort of communication gap between the creditors, collection agencies and/or the credit bureaus which needs to be updated. Please have a talk with them and the most important part is that your information needs to be updated and thus have a clean credit report.
Waiting to hear from you.
Thanks
Roxette
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roxette
Moderator
Joined: 18 Mar 2005
Posts: 4140
Debtcc Points: 50410
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