I am planning on sending a payment for deletion letter to a couple of small entries I have on my report (I figure that will be easier than trying to fight over $68, $112 and $132; correct me if you disagree) I actually have two question on doing this: 1. Should I ask for the creditor to delete the negitive information or should I ask them not to validate it when contacted by the CRA? 2. If they agree and then don't do it what actions can I take?
You'll have a lot more luck sending the PFD letter, I highly doubt the OC will send a letter stating they will agree not to validate if contacted by the CRA's. If after you pay the account and approx. 30-45ish days go buy and the tradeline isn't removed per the PFD you should contact the OC and find out what the problem is and advise them that they agreed to remove it.
It's not refusing to validate, it's refusing to verify (validation goes to a consumer, verification goes to a CRA). That's a fall-back if you can't get PFD ... the creditor may be actually more willing to do it because it looks more like an oversight to a CRA, whereas removing the TL using a bullseye on e-Oscar is an overt action that requires the creditor to use a reason code, and since PFD is not allowed by the CRAs, the reason code will have to be a misrepresentation (and a contract violation) on the part of the creditor. The refusal to verify is also consistent with how the lawyers do things (with nondisclosure language written into settlement agreements), so again it may be more familiar and acceptable to the creditor. Finally, the nondisclosure route gives the consumer control over when the negative entry comes off (and control over whether the creditor updates the record to "paid" or not--that can be written into the agreement--"creditor will update the account to a paid status with all credit reporting agencies but shall not provide any further information to any party, including but not limited to creditor shall not respond to any CRA in the event any such CRA requests verification of any information"). Thus, nobody knows about the settlement (potentially ever), unless and until the consumer chooses to knock the derog off. This can be useful when negotiating with others ... they don't know that you "put out" and they do think you still have other debts.
So send one letter giving them a choice? I will pay if you delete the negitive or just not verify the debt when contacted by the CRA. Is that a good approch? Also, thanks to everyone for the help here...
Hi yankees75, What did you decide to do? Did you draw up to seperate letters? I'm in the same boat as you! I need to know how I should procede. Please share your letter also. Thanks
I sent the letters via certified mail. All four that I have sent the letters to have received the letters and one has agreed to not verify that debt. I am waiting on the others to acknowledge. In about a week or two I will dispute the debt with the CRAs. I have shown the sample of the letter below. <Creditor's name> <Creditor's address> <Date> Dear Sir or Madam: With regard to account #xxx (OC â?? xxx), which I do not acknowledge to be a debt I owe, I make the following settlement offer in order to conclude this matter as swiftly as possible. This is not a renewed promise to pay and it is not an agreement unless you sign it and return it or we mutually sign a written agreement document. I maintain my right to seek further proof of this debt. I will pay you $xx.xx in full satisfaction of this debt. Upon receipt of the payment, your company will report this debt to all three major credit reporting agencies (Equifax, Experian, and TransUnion) as â??paid as agreedâ? and you will remove all references to delinquency on this account or agree to not verify this account upon being contacted by any of the three credit reporting agencies previously mentioned. As the company reporting the status of this account, you have full authority to change the way it is listed with credit agencies. This is a restricted offer. If you agree, sign and return this letter indicating which method you prefer and I will send payment by certified mail or pay by phone. If pay by phone is a preferred method please include information on who to call to make the payment. Please make every effort to follow through within 15 days upon receiving payment to complete this agreement. The terms of this offer are confidential. I will make no payment without a written agreement. Sincerely,
