Is there a letter anywhere to a CA or OC that says you will pay off but you want the account deleted from your report? Has anyone been successful at that? This isn't an old creditor...pretty recent actuall. And who would I contact first the CA or the OC?
Work with the OC only. This is because if you make a deal with the original creditor, then they cut off any validity of the CA having anything to do with the debt, so then the CA entry on your credit report will be gone. Also, you can make a deal with a CA, who may agree to delete, but they can't force the OC to delete also so you might be stuck with a paid off OC who won't delete. Here's a sample letter: Date: Creditor Address City, State, Zip Re: Account Number To Whom It May Concern: This letter is an offer to amicably settle the above account. It is not to be construed as an acknowledgment of my liability for this debt in any form. I will pay your company the amount of $____ as full settlement of this account. If you accept this agreement, I will send you a money order or certified cashiers check for the settlement amount of $______ in exchange for a full deletion of all references regarding this account from my credit profile and full satisfaction of the debt. This agreement is binding and will be void should you not hold up to your end of the agreement. Furthermore the debt will be deleted from my credit profile at all three credit bureaus or the bureaus your company regularly reports to in the course of doing business. If you agree to the above, please acknowledge with your signature and return a copy to me. Upon receipt of this signed acknowledgment, I will promptly send you a money order or cashiers check in the amount stated above. Notice: This agreement is restricted. This is not a renewed promise to pay but rather a restricted settlement offer only. By not signing below, you agree that the debt has not been renewed nor has any concrete written agreements been exchanged. Creditorâ??s Authorized Signature: _____________________________ Date:____________ Title :___________________________________________________ Sincerely, Your Name Do not sign or date letter (This is necessary to avoid renewing the debt, should the creditor refuse to agree.) Be sure to not use a personal check if they agree to pay. ------------------------------------------------------------
1*Work with the OC only. 2*you can make a deal with a CA, who may agree to delete, but they can't force the OC to delete chrisb 1*What if the CA owns the debt? 2*Don't bet on this one. When we (Re CA) make the purchase or servicing transaction, we receive a power of attorney that gives us the inherit rights under the original cardholder agreement. We have the ability to "bind" the original creditor in certain situations. This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS. WestCap =========================== Some one was asiking a while back about getting the oc to delete in addition to The CA. Don't know who the poster was or on what thread they posted but here is your answer!! This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS. THE END ** *** *
**confused** so I should send the above letter to the CA and not the OC? Or maybe to the CA but cc: the OC? Ack! lol
also under the same tocken, what would be more beneficial to try and settle and delete first....a collection that is listed under the collections but not reporting every month... or a collection that is reporting CO every month on my report. I'm planning on paying the three off soon, but right now I have enough for one!
Re: Re: Pay off for deletion Just to the original creditor. chrisb makes an excellent point and I can't agree more. Basically, if you pay the original creditor and the original creditor agrees to permanently delete all delinquencies related to this debt, then, there is no way a collection agency could validate the debt. If the original creditor no longer has any records to indicate this debt is valid, the collection agency will be forced to remove and the original creditor will be unable to list anything on your credit reports. However, if the debt was sold, the situation is more complex because the original creditor no longer has any rights to the debt and therefore you must pay the collection agency. And, even though the collection agency may remove their entry, the original creditor may add or not remove their current entry of "charged off."
Re: Re: Pay off for deletion I am confused over the "do not sign or date." What do you mean by renewing the debt? Also, what is your reasoning behind not using a personal check if you agree to pay it in full?
Re: Re: Re: Pay off for deletion I would assume you shouldn't date it because if you do - the clock starts all over again for the 7 years. It is 7 years from the date of last activity. I guess that would be renewing the debt?
Re: Re: Re: Re: Pay off for deletion It is 7 years from the date of delinquency not last activity. (c) Running of reporting period. (1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action. This is why I was confused over his comment.
Re: Re: Re: Re: Re: Pay off for deletion I think I am confused about the above! I thought I had read somewhere that the 7 year period is from last activity. I have some collection accounts that are due to come off next year. If I start to make payments - and don't finish paying by next year - those collection accounts will remain on my report in a negative way. Unless I make arrangements with them to agree to report me in good standing. I am going to go look to see if I can find where I read this.
Re: Re: Re: Re: Re: Pay off for deletion Can't find it. Maybe I just assumed it started the clock all over again. I did find what probably made me think this - it said not to make payments unless they agree to remove the negative - otherwise it will stay as negative even if paying. So my question would be - if you start to pay off a collection and they won't remove the negative - will it remain on the credit report beyond the date it was to be removed? Or will it just stay on there until paid in full?
Re: Re: Re: Re: Re: Re: Pay off for deletion Yes, you are right. You are absolutely at no advantage by paying off a debt unless the creditor / collection agency agrees to completely remove their negative tradeline. If they simply update it to reflect that the account was settled, paid after chargeoff, etc, you gain no benefit yet you still take a hit to your wallet. No, regardless of if you pay it or you don't, it will only stay on 7 years from the date of delinquency. Paying it or not paying it does not restart the clock. Once your account become delinquent, 7 years from that date is the removal date. It is illegal for any company to reage a debt in order to have it listed longer. Therefore, if they will not remove their entry in FULL, you are at no advantage by paying them and should not. If however, they agree they will remove their listing from your credit report entirely, and you believe you owe the debt based on the validation they provided, you should pay them as you increase your credit score. But the 7 years stays the same regardless of how many times you contact them, if you pay them, if you dispute the debt, etc.
