Debt settlement in full amount due in exchange for all negative credit reporting removal on a secured loan
This letter is in response to your calls, letters, and credit report entries for the debt account listed above. I would like to pay off or settle this debt in full and save our time and efforts.
This letter doesn't imply that I'm not acknowledging, accepting that I owe this debt, or promise to pay the debt, unless you provide a response as detailed below.
I am aware of the fact that your company can report the debt to the creditbureaus as you find necessary. Moreover, you have the ability to change the account status since you are the information provider.
I am willing to offer $ 14,833.91 as payment or settlement of the debt in full in return of your agreement to remove all negative listing information (late payments ,collections, etc...) on this account from my credit report within 10 calendar days. If you agree to the terms, I shall send you a certified payment of the amount stated above in exchange to have all negative listing information (late payments, collections, etc...) on this debt account deleted from my credit report. I hope you'll also agree to not discuss this offer with any third party. If you find my offer acceptable, please expedite me a letter agreeing to these terms. The agreement must be signed by an authorized personal of XXXXXXXXXXXXXXXXXXX. The letter should be subject to the laws of my state and treated as a contract.
The creditor called in response to this letter (which I don't believe was personal from the department I mailed the letter to) and said they could not remove anything from the credit bureaus, it's illegal. Does anyone know if this is true ? Also is there anything illegal about the letter I sent ? Please comment or advise !
Well, a negative information, if its valid, would stay for its f
Well, a negative information, if its valid, would stay for its full term in your report. But, you may still negotiate for a 'pay for delete' option, especially, when you are paying the debt in full, but the collector might not always agree to that. However, they should definitely update the true status of the account once its paid.
You can tell them that if they don't agree to your terms then the settlement proposal would stand void and see what they have to say in response. Sometimes, using the hard ball tactics a little may yield results.
They remove factual information frequently...especially when the
They remove factual information frequently...especially when they receive money to do so. Pay for delete is one term. Surely it is not illegal.
It is probably against either company policy or the terms of you
It is probably against either company policy or the terms of your original prom note.
Actually is is against the agreement the between the creditor an
Actually is is against the agreement the between the creditor and the credit bureaus. I used to pull credit reports for apartments and the agreement states that if the bureaus find that you are removing facutal data they will terminate your access to the system.
It is not illegal just violates the agreement. Some do it anyway because they do so many transactions the chances of them getting caught removing factual data is small. And as you said -- money talks.