Hi All, I am wondering what is the success rate for "Pay For Delete" for credit card or unsecured debt. I know the success rate is pretty good for utility bill and similar kinds of debts but I am curious if "Pay For Delete" really works for credit cards/unsecured debts. Anyone have any success stories to share?
Sorry, but that's an impossible question to answer. I wish I could, but the data is nowhere to be found. It does work. You'll find many success stories here - even some within the last few weeks of posts. However, each and every situation is different.
Thanks for the reply Joshua. So it does work for credit cards and other unsecured debt. Do you think someone should alway try to do a PFD when settleing a debt and if that doesnt work a NDA?
I would try the NDA approach in lieu of a PFD. The reason being that the FCRA and the agreements between the creditors/CAs and the CRAs require that if they report anything they have to report everything, and those reports have to be 100% accurate. So, they really can't delete something just because it's been paid because that would be inaccurate. An NDA however gives them an out. While they have to report everything, they don't have to respond to everything and their lack of response to a validation request means the CRA has to delete the entry. That way everyone gets what they want.
Hi Thanks for your advice. I have some follow up questions: 1) Do you think one should first try for PFD then NDA? 2) For my understanding the theory behind NDA is when you validate a request they will not respond so that means the CRA will delete? 3) Is there a possibility that it might show up on the report again and what happens if it does?
