Alot of you have said about getting the creditor to remove a chargeoff or collections when you go to settle with them. How is this possible when they all tell you that is against the law. What is it you use to get them to remove it? How do you get them to remove it after you have settled the claim by payment? Tell me a little more abou Junum and are they ligit.
Junum is legit, they use some formula to have items removed and some have had success. Once you have paid a settlement there is virtually no chance at getting them to remove it, they already have your money. But some creditors will agree to remove an item if you offer them enough, yes that can report or not report anything they choose, the process usually works like this you get an agreement in writing for removal/deletion of negative item, you pay them then dispute the item on your reports, they do not respond to dispute , hence the item is removed. Remember this does not always work, some creditors would budge on this, while others will to get their money.
So am I able then to just dipute the items and wait to see if they respond. All have faxed a letter to state it will be reported it it paid in full and very few would even listen to the removal thing. What basis do I dispute them?
In a nutshell, here's the technical explanation: According to the Fair Credit Reporting Act (FCRA), a creditor is NOT required to report your account activity -- they are only required to report ACCURATE information IF THEY CHOOSE TO REPORT AT ALL. Hence, a creditor may choose to 'lose' their records of your account in exchange for a payment (or partial payment) for an otherwise uncollectable debt.
Ok another question is I have a card that is with First North American and they will not negotiate any less then 75% and they want 300% of what was due on the card. They said they would soon run it to judgement before they settle. We are talking about 700.00 What do you say to them.
I agree with John, If creditors were by law required to report to the CRA's, then why don't they all report. Creditors and CRA's are not the federal government, they don't even follow the rules laid out most of the time. Therefore, it is not illegal "not" to report to the CRA's it is definately the creditors choice to do so. Just my opinion.
How old is the account? Maybe it has reached SOL? I would try and play hardball with them, what does it hurt? State that you disagree with the amount, but would be willing to negotiate and pay in full if they remove from your report, etc., etc. Could work?
Steve, why are you doubting us. The creditor is the one lieing to you. If they are refusing to remove it they are either 1) Lieing or 2) Ignorant of the fact that it can be removed. Speak to a supervisor. I will say again something that I say often. "Dont take a No from someone not qualified to give you a Yes " I live by this philosophy. roni
Read these sample letters On Dec. 5th, 2000 I posted my correspondence with Sterling BAnk and Trust. I made a deal to pay in full in exchange for deletion. I don't know how to display the link. The post is Killer-Sterling letters (long). Try and do a search on this site or click on previous posts until you see it. I hope this helps give you some ideas and remember to send it certified.
John S wrote: ------------------------------- In a nutshell, here's the technical explanation: According to the Fair Credit Reporting Act (FCRA), a creditor is NOT required to report your account activity -- they are only required to report ACCURATE information IF THEY CHOOSE TO REPORT AT ALL. Hence, a creditor may choose to 'lose' their records of your account in exchange for a payment (or partial payment) for an otherwise uncollectable debt. ********************************************* Creditor should be more insterested in getting their money than seeing that the info.stays in your file.
mt wrote: ------------------------------- State that you disagree with the amount, but would be willing to negotiate and pay in full if they remove from your report, etc., etc. Could work! ^^^^^^^^^^^^^^^^^^^^^^^^ They want the money=You want a clean record:Sounds like a fair exchange to me!
John S wrote: ------------------------------- In a nutshell, here's the technical explanation: According to the Fair Credit Reporting Act (FCRA), a creditor is NOT required to report your account activity -- they are only required to report ACCURATE information IF THEY CHOOSE TO REPORT AT ALL. Hence, a creditor may choose to 'lose' their records of your account in exchange for a payment (or partial payment) for an otherwise uncollectable debt. ............................................ An otherwise uncollectable debt. This is the creditors golden opportunity to get money he haden't been able to collect,he'd be nuts not to take advantage of it! Turn the tables on them by playing on their fears instead of letting them toy with yours!
roni wrote: ------------------------------- Steve, why are you doubting us. The creditor is the one lieing to you. If they are refusing to remove it they are either 1) Lieing or 2) Ignorant of the fact that it can be removed. Speak to a supervisor. I will say again something that I say often. "Dont take a No from someone not qualified to give you a Yes " I live by this philosophy. roni ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ A lot of people don't seem to realize that the further the collection proccess goes the more desperate and fearful the creditor becomes that he will loose the money:This is an ideal time to step in with such an offer!
