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OK, I am really learning a lot from this site. Thanks much. I am working on cleaning up some charge offs and collection accounts.
Wondering when doing a pay for deletion.....
1) can the letters be exchanged via email?
2) After reading the example letters, I was wondering if it's better to ask them to show the account "paid in full, closed" or completly deleted from the report?
3) Is it legal for them to delete or change an account to paid in full? Is pay for delection new?
thank you
Please read through the following page-
http://www.creditmagic.org/report/remove-items.html
It will perhaps help you clarify your doubts. Feel free to ask any query that you may still have.
1. email may be tough to present in court
2. deleted is best
3. yes it is legal, this would be a no fault settle where one party agrees after payment not to report any thing negative about the debtor. it is not new.
do you have all your credit reports?
what state are you in?
what is the original creditor and the name of the CA?
what is the date of first delinquency? 30 days after last payment
this information will help me make suggestions specific to your case. The state will determine the statue of limitations for this debt. knowing the name of the OC original creditor, will help show if there is a specific govt regulators can intervene. Knowing the dates are very important.
How do you define a 'no-fault state' in this context? Is it only about not reporting a negative thing? Can you show me through a letter wherein one party agrees not to report a negative thing?
I am describing a pay for delete. there are some form letters letters out there but that doesn't work best.
1. find who owns the debt by DV letter
2. make an offer. saying that you don't admit this debt but you will pay to make it go away. sometimes full, sometimes less. it depends on the strength of their evidence and the age of the debt