Hi folks. I just found this forum: it's my sincere hope that it would prove helpful. I've got two questions. 1) I have several outstanding debts on my credit report, all of which have gone to collection. In the "Sample Letters" forum I found a "Payment by deletion" letter. If I'm reading it correctly, it offers to settle the debt with the company if they subsequently delete the negative entry from my credit report. Am I reading it correctly? 2) A close relative of mine has perfect credit. If he puts me as an authorized user on his credit cards, would that help my credit? Will it hurt his? Thanks in advance! --cunningrat
You're reading it correctly, but there aren't many creditors that will do a pay for delete anymore. Yes, if you become an authorized user, it will help your credit. And no, it won't hurt his unless you use the account and don't pay it or something. But if he just adds you and never gives you the card, you will benefit and nothing changes for him.
Hedwig is correct in all aspects. Just make sure that the credit line you're added to allows the input of your SSN. Otherwise, you'll have to get the cardholders address on your reports or the credit reporting agencies will block it (must have two data field matches).
