HELP with my settlement letter

You probably want them to return a setttement letter to you on their letterhead, not your letter. Any collector could sign that without authorization.

So should I ask them to put that on their letter head? I have a letter accompanying it; it's an unsolicited offer letter. I thought the signed agreement should be written by me, so it had my terms in it (such as deleting it off my credit report).

They cannot delete it off your credit report, but they must report it as Paid. Go for a Paid as Agreed rather than a Settled For Less Than Full Amount.

What can I ask, then? Can I ask that this be marked paid, and all deroagatory remarks such as late remarks be deleted?

I don't think they can change the past but they can make the current report as paid or setteled. Good luck.

Now I am confused. I've read several times on these boards that you can:
"You can ask them to not respond to a credit bureau dispute, or ask them to alter how they report your tradeline and remove negative remarks."

Ex: your CBR report.. rember this is just an example..
Collection
CitiBank $800 $700 $952 43221111
closed by creditor

The only thing that may change is instead of reporting it as a collection would be Paid, Paid as Agreed or Settled in Full and there might be an X or two in front of the 4 like this xx4321111.


I think this is right. I haven't looked at my credit report in a while.

Looking at this site's sample "Pay for Delete (Settlement) Letter", the decription states:

Quote:

Make sure you also add that they not sell off the remaining balance. Data Furnishers can make many changes to their tradelines but they have a contractual obligation as well as Federal law to report complete and accurate information. PFD's are a violation of their contract with the CRA's but you can try for a Non-Disclosure Agreement. Once you've paid, dispute with the CRA's, if the CA verifies, they will have violated the NDA and would then be subject to suit.

Hmm, will they even agree to your terms? I didn't think collectors did that often. I thought you had to wait until they offered you a settlement option.

What is a Non-Disclosure Agreement and where can a find a sample? I did a search on this site and found nothing, and did a search on google and couldn't find anything that relates to settling debt. Thanks!

Here's an example:

Both parties agree that the present debt due is $100.00 (One Hundred and no/100 dollars). The parties agree that the Creditor shall accept the sum of $50.00 (Fifty and no/100 dollars) as full payment on the debt. The acceptance of the payment will serve as a complete discharge of all monies due. The payment shall be made by Cashier???s Check or Money Order.

Both parties agree to keep the complete and entire contents of this matter completely confidential and will not disclose or confirm any matter relative to this matter, or its underlying causes, to any 3rd party except as ordered by a Court of Competent jurisdiction. Violation of this provision is actionable, and both sides agree, in the interest of Judicial efficiency, that the liquidated damages for violation of this provision shall be an amount equal to ten thousand (10,000.00) dollars.

Thanks so much for your example, Nascar!

So let me see if I got this straight...I add Nascar's clause to my above letter in the original post. After I make payment I wait to see if Cavalary updates my credit report. If not, I dispute with the credit report agency. Cavalary is then unable to respond to the credit report agency because of the added clause, so the credit agency will delete it off my report.

Is that correct?

You've got it!

Phew! Thanks again for your help; this stuff can be so confusing!

So which statement should I add to Nascar's non-disclosure agreement?:

The unsolictied offer letter sample states
Additionally, I would request you to take off any late payment or charge-offs on this account from my credit report.

however the Pay for Delete Letter states
in return of your agreement to remove all information on this account from my credit report within 10 calendar days.

I will be disputing it with the credit report agency aftewards since Cavalary will be unable to respond because of the added clause. Just not sure which statement to add to my letter.

Guest,

Quote:

Quote:

Very interesting. While you can certainly request anything you like, and some companies may just go ahead and do it (it may be largely due to administrative incompetence, though) but it is technically illegal.

From the Fair Credit Reporting Act, Section 623: [15 U.S.C. ?? 1681s-2(a)(1)(A)] "A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate." and (B)(ii) "A person shall not furnish information relating to a consumer to any consumer reporting agency if ... the information is, in fact, inaccurate."

I'll go with the law on this one.