I've read many post in this board regarding negotiating a removal of a negative tradeline from your credit report in exchange for payment. This is a great idea, but there is a catch that you need to be aware of that is not mentioned. A CA may agree to such terms, and may even honor the terms. However, it does not require the original creditor to honor the terms. The OC can continue to report the item. I saw a post earlier about a CA chasing a 1996 $200 debt to Sears. The negotiation idea was recommended. But unless Sears also agrees, then the debtor is going to waste $200 to feed a CA and Sears will continue to report the item. In fact, since this debt predates the revised FCRA of 1997, paying this debt can reset the CRA clock on the item. They will be buying themselve 7 more years of negative credit.
Cable. I am not sure where that thread is or what was said. I do not think that anyone here would suggest paying just to pay. The only reason, other then for moral reasons, would be for deletion or if it ABSOLUTELY needs to be paid for some reason (to obtain mortgage ect). Could you point us to the thread?
Dear Cable, It's always best to keep a certain topic on your original thread. I just replied to your other thread about this issue.
The Sears for $200 odd bucks thread did not recommend simply paying the debt. It recommened that the debtor negotiate with the CA for a removal of the negative information. Rather than add a post to that thread, I decided to bring up the gotcha on this method on this thread, since it applies to anytime one negotiates with a CA for a removal. And the #2 response is correct. I should have kept the post on one topic. That is why I started the next one. Please accept my aplogies.
