Hello everyone, I am a complete newbie and have already made the dreaded mistake of paying off a debt and not requesting deletion. I want to avoid this issue this time. What is the best approach to removing this debt? I am willing to pay it but do not want it listed as another charge off. CRED PROTECTIONS ASSOC Address: 1355 NOEL RD SUITE 2100 DALLAS, TX 75240 No phone number available Account Number: ######## HOLLYWOOD VIDEO Status: Collection account. $269 past due as of Feb 2003. Date Opened: 12/2002 Type: Collection Credit Limit: $269 That is what is listed on my credit report. I would like to clean it up but after reading the boards I am confused on how to approach it correctly. I *can* pay it but would probably need to make 2 or 3 payments to make it easier to swallow. I read somewhere that there is a risk of paying it off and the entry date being updated to the pay off date. Thereby starting the 7 years over again. Also, I have a charge off (as I mentioned above) from a credit card. I have payed it in full but did it 2 or 3 years ago. Is there anything I can do about it now? My Fico is currently at tu 663 - ex 670 - ?? 680 How much of an improvement will paying this off have? I understand that it would be a rough estimate. Thanks for all your insight. This is a great board. ssallen EDIT: Sorry I found the FAQ on previously paid charge offs. Please disregard that portion.
You might want to send validation letters out to the CAs and letters to the CRAs as not yours. never know you could be the lucky winner of deletions.
Your best bet for the Collection Account is to submit a "Pay For Deletion" request letter. Your leverage is the age of the account, as it is past SOL (Statute of Limitations) for legal judgement recourse. In short, you can tell them to pound sand and not pay if they do not remove the tradeline. See the sample letters for "PFDs" for reference. As for the previously paid CC account, it is difficult once the debt is paid, as you have lost leverage in a negotiation for removal. So, dispute the tradeline with the Credit Reporting Agencies to see what happens. You should also dispute the collection account (as previously posted), but this will not end the issue. If you want to put the entire item behind you, then submit a PFD for (hopefully) full closure.
