Credit reporting agency and federal laws?

If negative information is entered in your credit report, it can't be removed before 7 years. It has been stated in the fdcpa law and no private agency can be able to remove it. If any company assures of this removal, they are trying to pocket your money.

"Settled for less than full" is a bad remark and if this is shown in your credit file, you will really have a tough time in getting new credit. Already, your credit report is tarnished and this remark will further worsen your credit identity.

Say them that you will be willing to pay the debt only if they can post your accounts as 'paid as agreed'. If they assure you about this in writing, you can further move ahead with the deal.

Remember, your credit report is the most important financial document and you should try every possible way to improve it. I think you are in stronger situation.

Regards
Roxette

So basically, I am asking Discover just to reword what is on my account. If we come to an agreement, then they can put paid as agreed. What do i ask them about the 180 days late part. Do i ask them to re-age the account which would make it no longer a late paying account? In other words, what exactly can I ask for? i think they realize that i have no money and not much prospects to get it any time soon. They only way I can settle is because my mom will pay them off. i told them that the only way she will do it is if my credit report comes out clean. In my lastest letter to them, I agreed in principle to the amount of settlement, but it was based on the condition that all derogatory information be removed from my credit report. Any answers to these questions will be greatly appreciated. If anyone else has gone through this, let me know if it works or what i should do, they are close to charging off.

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To answer your question legally this is not feasible, however if you work out something between the creditor and yourself it is. 2002 I acquired a debt with First Bank of Marin and First Premier Bank, both cards were the same about but over time interest and penalties took these accounts to $400 and $700. In 2005, I reached an agreement with First Bank of Marin, through negotiating and initiating what I would like to do, I also put it in writing. If they were to accept my deal, a check would be in the mail for the payment arrangement and upon receipt of the final payment the account would be deleted from my credit reports. They stuck to their end of the bargain just as I agreed to their terms, which were better I could Western Union or send the money via Money Gram in two payments of 4319 and not 3 payments as I wanted. I agreed to the terms and before I knew it the account was paid in full and removed from my credit report. However, I settled with First Premier Bank's Collection Agency ARM for $298, because they weren't the creditor itself the only thing I could do was negotiate the payment dates. This account remains on my credit report till this day and though I have been given a second chance with First Premier Bank they still won't agree to removing the derogatory account regardless of my good standings with them now.

It's all in how you approach your creditor and when. I assume if you come to them with your cards on the table, apologize for your lateness and at least "try" they may work with you. As a freshman my 3 best friends were able to get a credit card with Discover, they all fell upon hard times. The end of this story:
Friend 1: Settled her debt and had the derogatory account removed.
Friend 2: Settled but the account wasn????????t removed
Friend 3: Received an offer to have the balance transferred to another credit card, agreed to that and it bought her Discover Card current.

You have to choose your battles wisely and make sure that you mean exactly what you say, remember once you negotiate a deal there is no reneging.

Discover is feeding you a load just like any other creditor.Under the FCRA,creditors have no obligation to report to a bureau at all,positive or negative. Most credit bureaus have in their contract with creditor that they do not like to delete accounts,but that is still just a contact between creditor and bureau.Roxette is correct in that accurate credit will remain for 7 years,plus 180 days. The one exception is to write a pay for delete settlement letter. It bluntly tells them,you want money,remove mark and I will pay you in full.