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Pay for Delete??

Date: Tue, 06/08/2010 - 11:40

Submitted by anonymous
on Tue, 06/08/2010 - 11:40

Posts: 202330 Credits: [Donate]

Total Replies: 3


I'm trying really hard to pay off my debts and improve my credit score. Right now, it's in the low 500's. :/

I have a few accounts with collection agencies that are showing up on my credit report. I am interested in attempting this "pay for delete" strategy, seeing as how these collection accounts will not fall off of my credit report for another five to seven years!

1. How do I go about starting this process?
2. What if the collection agency refuses my payment in full for the delete?
3. What if the collection agency doesn't update my credit report (delete the negative item) and just updates my CR as "paid in full"?

I'm going to start with a local company in my state (IL) that I have a balance of $331. I have that much to pay this in full in order for deletion.

Can anyone give me some step-by-step advice on how to complete this process and get these negative items removed from my report?

Thanks so much!!


There are a few good companies out there that will do all the work for you for around 99.00 per month! I am not permitted to promote them but if you do a diligent search you will find them. Be sure to check them out with the BBB. I have heard good things about Waterfield Credit and Clean Slate Services out of Texas but I do not have any personal experience with them.


lrhall41

Submitted by Frogpatch on Tue, 06/08/2010 - 12:29

( Posts: 5381 | Credits: )


Hi CM,

Quote:

1. How do I go about starting this process?
You should first contact the collection agency, and talk to them about the payments. Mention that you are willing to pay them. After negotiating a payment plan, request them to agree to "Pay for delete" agreement.

It is true that all collection agencies don't agree to a "Pay for delete" request. However, you can still try your luck by sending them PFD letters through certified mail. If any of the collection agencies agree to PFD, get the agreement in writing.

Both your questions Quote:
2. What if the collection agency refuses my payment in full for the delete?
and Quote:
3. What if the collection agency doesn't update my credit report (delete the negative item) and just updates my CR as "paid in full"?
are related. If the collection agencies do not agree to your PFD request, there is nothing you can do. If they do not agree to PFD, request them to update the account as "Paid". The negative impact of the account will lessen with time. However, if they agree to PFD, and still not remove the negatives, you can use the PFD agreement proof to dispute the item off your report.

Thanks


lrhall41

Submitted by lisawhite9 on Wed, 06/23/2010 - 01:46

( Posts: 91 | Credits: )