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Restricted Endorsment (Removal) !!!

Discussion in 'Credit Talk' started by hunzi1, Feb 21, 2003.

  1. Feb 21, 2003 #1
    hunzi1

    hunzi1 Active Member

    I have come to a settlement with a collection agency.

    My lawyer told me to place a restricted endorsment on the back of my check to state:



    ****** RESTRICTED ENDORSEMENT ***********
    BY CASHING THIS CHECK YOU AGREE TO REMOVE
    COLLECTION TRADELINE (ACCOUNT NO) FROM ALL
    CREDIT REPORTS / CREDIT FILES.
    ****************************************


    Does this sound right? And would I be able to fight in court if they don't remove the negitive collection tradeline. After cashing my check?

    Thanks
     
  3. Feb 21, 2003 #2
    IrishEyes

    IrishEyes Well-Known Member

    Do a search on this board, I know I have seen the exact wording and method posted here before.

    Bbauer I think is the one to ask about it.
     
  4. Feb 21, 2003 #3
    lakpr

    lakpr Well-Known Member

    See this thread, and look for the post by user "WestCap" to get the exact wording of the endorsement. Good luck.

    http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=16211&highlight=WestCap

    -- lakpr
    :)
     
  5. Feb 21, 2003 #4
    four20nik

    four20nik Well-Known Member

    I use them all the time. BUT it also depends on which state you live in. Sometimes, and I'm only playing devil's advocate here, depending on the state, a creditor can cross through this. What state are you in?

    I have used these in the past and they are effective. BUT, be forewarned that you may have to deal with the following problem:

    you pay the creditor using the endorsement approach

    they deposit the check

    you do dispute with cra (usually because even if ca agrees, they take FOREVER to remove it) and supply copies of check, letter and proof it cleared

    Cra contacts ca and ca denies deletion

    the result is STILL verification since the ca denied it when they were contacted.

    I keep having thisproblem even though the CA has issued the cancellation letters...mysteriously comes up verified. So, it takes some follow up to see to it the items come off. You need to be persistent if they start playing dumb.

    Just my thoughts and experience.

    I use: Enodrsement and cashing/depositing of this check constitutes payment in full of this matter without an admission of liability. It also obligates the endorsee/payee to remove all negative credit information via cancellation letters issues to all credit reporting agencies and to XXX(your name).

    I also send a letter specifically outlining the same thing and I highlight the ramifications of depositing the check. I do this so they KNOW and cannot deny in court that they had no knowledge of the endorsement.

    Good luck and WRITE SMALL, lol
     

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