Hi there, I have two tradelines on my credit report that are held by a collection agency, which is bringing my score down to 672. They are scheduled to drop in 2011. I contacted the CA, CBHV, via email to discuss settlement in full if they agreed to delete the items. The collections manager told me that "company policy is to report the items as paid in full." I wrote her back and told her I understand that's the policy, but could they reconsider in this case? She restated "company policy." I didn't stop there. I found their EVP's name and email address, wrote him and explained that I'd like to put this behind me, blah blah blah. He responded that I needed to deal with her. An hour later, I get an email from her asking for the account numbers, that maybe she can help me with my credit report issue. What should I do now? I don't want to give too much info and then get shot in the foot. Help! Getting these off should really help my score! Total amount of debt is $1900.
Any advice? I'd really like to get back to her ASAP, but don't want to give up my account numbers via email since I don't know what she'll do with them. It seems like such a quick change of heart that I'm leery....am I walking straight into a trap?
They have a contractual and legal obligation to report a paid collection as "paid in full." They cannot "delete" an account that has been reported and subsequently paid. So, the way you're phrasing the request ("can you delete the tradeline if I pay it?") is forcing them to say no, regardless of who you ask. However... If you can get them to agree to hold the terms of your payment confidential and to never report or acknowledge the account or the payment in the future, you're giving them a way to a get what you want without putting them into a legal or contractual bind with the CRA. Here's how I would approach it: 1) agree that you'll pay whatever it is you agree to pay. 2) have them, in writing, agree to keep this agreement confidential and not to acknowledge this account or it's terms to any third party, to include CRAs. 3) make sure they sign and return the agreement. 4) pay them. 5) wait a month. 6) dispute the tradeline with the CRA. 7) wait another month. 8) the CA should not re ply to the dispute request and the CRA should delete the trade line within 45 days of the time you dispute it. 9) if the CA verifies the dispute, you have a breach of contract. "Non-disclosure" is the magic word. Good luck.
UPDATE: I did as recommended and included in my email verbage about not acknowledging the terms or the account in the future, gave her the acct numbers and waited. NOTHING. It's been almost two weeks and I haven't even gotten a reply from her. Now what? What do you think they're doing with the info?
