Collection agencies - will they remove info ???
Date: Fri, 04/24/2009 - 05:38
I am in the process of negotiating settlements with some accounts that went to collection after a accident that kept me from work for about 2 years. I don't deny the debt and want to get them under control so I can move forward as I am self employed, have a working relatonship with my hometown bank but may need other option in future.
I have sent letters to compromise the debt to several on different terms for each. (used sample from this site) Of course they have sent me back settlements for a greater % rate than offered. I will stand my ground with my offers.
I settled one that wasn't on my credit report but was purchased by CA, I had a time getting them to agree to terms. As i didn't want either one to put it on my CR.
I have 3 more and they are with Palasades Collection, Arrow Finacial, and HSBC Bank.
The HSBC Bank was purchased by Osi Bankcard Service but when i contacted them they don't have any records of it. How do i located who purchased now?
Anyway will they remove the info ?
I put in the letters to settle i put after recieving $$$$$$$ all collection activities will stop, agrees to remove any listing or negative information that the collection agency has or may have placed with the three credit reporting agencies, agrees to never place at any time in the future any information related to the debt with another collection agency, law office, or on the individuals credit report, agrees to notify the original creditor that the debt was satisfied and they should change any listings they have to paid or paid as agreed, and any remarks to closed.
Thank you any info is greatly appreciated !
Wildwoodsmen
Collection agencies can and will remove negative information fro
Collection agencies can and will remove negative information from your credit report, but you have to get them to agree to it IN WRITING. And not just a response in writing saying "Your terms are accepted." They will have to give you a written response that states the exact terms that you are requesting. It will be hard to get them to agree to that. The collection account might stay on your report, but usually it is easier to get them to agree to post "debt paid" or "account cleared" rather then have them remove it. If you go that route, make sure they don't say the debt was "settled" as that signals to other creditors that the collection agency had to settle for less than you owed, which still makes you look bad. Good luck.
Is it ok to have it say "Settled in Full" or it shouldn't say an
Is it ok to have it say "Settled in Full" or it shouldn't say anything to do with Settled ? Should it just say "Paid or Paid as Agreed"?
Which is best for people looking at your report?
When negotiating with a CA, ideally a Pay for Delete would be id
When negotiating with a CA, ideally a Pay for Delete would be ideal. Pays as Agreed on a collection account isn't what you want to shoot for. You might also look into Non-Disclosure agreements. The concept there is that any disclosure, including verifying credit report disputes, would carry a agreed upon monetary penalty, say $10,000.
Nascar Devil, I just received a letter from a CA with an opti
Nascar Devil,
I just received a letter from a CA with an option to settle for 50% off the total amount. Not sure what to do next. If I send a DV letter will they take back their offer to settle? I am to respond back by May 8th.
Technically Pay to Remove or Delete isn't supposed to be an opti
Technically Pay to Remove or Delete isn't supposed to be an option. There is a reason the credit report is a credit report.
Some remove and some don't.
I agree. They are required to report accurate info. BUT, it appa
I agree. They are required to report accurate info. BUT, it apparently does happen, but is probably unenforceable without a detailed letter stating that they would do just that. However, the original creditor will not be able to do that due to contractual obligations with the credit reporting agencies, so it will still be recorded as a Charge Off by the original creditor regardless of what the collection agency decides to agree to.
