Removing Collections (pay for delete?)

[adale]

Ok, i did a dv with both collection agencys one has responded the other has not yet.

one is for $121 and the other for $52

i can pay this no problem right this moment. But i want to know the best way to get them to get it off my report.

I actually didnt even know these existed untill i started this repair process.

Is there a good form-letter to follow for "pay for delete" or what path should i take. Are these 2 really hurting my scores that badly?

Adam

[sxxx]

Any collection is hurting your score. When I started this process, I negotiated pay for deletes, when 1 came off my score rose 25 points, so yes they are a big deal.

You need to search this site, for the "pay for delete letters" do a search, and modify them accordingly. The collection agencies do not have to report anything on your Credit report, but they do. So they can also delete, even though they will tell you they can't. So do your negotiating, the best time is the end of the month, that is when they are trying to make their money and willing to make deals.

[adale]

well then i got to get started!

Still no news from the $52 one

will contact the other in the morning.

[Guest sportsguyla]

does one need to get the pay for delete agreement in writing? Do collection agencies agree to this often?

[bellatragedia]

Most definitely get it in writing! Otherwise they will likely not bother to delete it after you pay them and you are stuck with it still on your report. CA's love to make deals with you because the only thing they do is collect money. They have absolutely no interest in you as a consumer. If you are willing to pay them money for something, especially if it looks like the only way they will get it, they will bargain with you.

Just get any agreement in writing, and document everything

[Guest sportsguyla]

so i call them and say, if you send me a letter stating that you will remove the report from all 3 credit agencies, then i will agree to pay in full...is that correct?

many of my collections are less than a year or 2 old, some even as recent as 6 months. and since they are all relatively cheap, id like to settle instead of going through the overwhelming process of letter writing and possibly going to court.

[Revco]

Plan your attack carefully and most of all, be patient during the process. Definately get it in writing - though, just so you know, they are not required to delete for payment. Some will, some won't - I'm dealing with a nasty one right now that won't and may likely end up in court. Look into your state's law for UCC negotiable instrument, restrictive endorsement, and accord and satisfaction clauses - use them if your state allows. Be sure to request a DV shortly after contacting them. I recommend you communicate entirely in writing - phone calls are hard to enforce later on and, not to mention, you have no documentation of the CR's actions. Date ALL of your letters - I made that mistake on a DV request and the CR was LATE - but I can't prove it, cause I didn't date the original DV.

That's my advice for now - there are many resources for assistance in these matters that can be found in these forums.

[codename_fortyseven]

Wait a minute. Remember that they must provide full validation, not some BS affadavit or Chaundry letter. Have they provided a full accounting of the debt? What have they given in validation?

[bellatragedia]

Of course they should provide full documentation, and I have yet to see one CA that really does. Including the Wollman letter has worked with me before but only to state point really, and in complaints to the AG.

Bottom line, if after everything else has failed to make progress, a pay for delete is viable option if

a) you can afford to offer a settlement, don't offer them half or 3/4. Try .20-.40 on the dollar max.

you just want to get it off there quickly without much more hassle

c) you don't feel like you're compromising your principals (that's just my thought )

And no they aren't required to delete it if you pay, but state clearly that you will not pay them without a delete. Period. That's the terms. Mostly, they just want your money, so they don't care whether it's on your credit or not. However, you of course do.

Then, there's always the court option also. It's really up to each individual I think to decide what's the best stragedy for their particular situation and ability at the moment. Depending on each person's goals and needs, it will really decide which route is best.

Such as if you're getting ready to apply for a home loan and you just want that dumb collection off so your score will go up high enough to qualify for the rate you want (and need); you may not have the time to waste and just want to settle on a pay for delete.