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Anyone have a copy of settlement letter that...


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Obviously as a part of a lawsuit, but it may help you.

Credit Reporting of the Accounts.

Upon receipt of an executed copy of this Agreement from Plaintiff, OC agrees to take all necessary and reasonable steps to request that the three credit bureaus to which it reports (Trans Union, Experian and Equifax) delete the Account from Plaintiff’s credit reports. Plaintiff acknowledges that OC does not control the actions of the credit bureaus and thus may only request that the bureaus make changes to Plaintiff’s credit history. Plaintiff further understands that it may take up to 30 days for the credit bureaus to make the requested credit reporting changes. If, within 60 days following execution of this Agreement by all parties, Plaintiff discovers that the requested credit reporting changes have not been made on Plaintiff’s credit report(s), Plaintiff shall provide written notice of same and a copy of the credit report(s) at issue to OC. OC shall not be obligated under this Agreement to cure any inaccurate reporting or otherwise take any action regarding such credit reporting inaccuracies until said written notice and credit report are forwarded to OC. Said credit report and written notice shall be sent, by certified mail, return receipt requested, to OC’s counsel. OC shall have no liability for any inaccuracies on the credit report(s) at issue unless and until such time as Plaintiff has forwarded written notice of same and a copy of the credit report(s) at issue to OC, and OC has had a reasonable opportunity to respond and/or attempt to cure.

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I'd think you can easily come up with one yourself. Just write something like...

In regards to account #........,

It has come to my attention that you all believe I owe $..... I'd like to resolve this, but cannot possibly come up with $.... In an attempt to avoid filing for bankruptcy, I would like your agreement to settle for less than the full amount you request. Here are my conditions.

... Settlement payment will be $..... and will be paid within XXX days via certified mail in form of money order(s).

... Balance will be considered PAID IN FULL, by the original creditor, your collection agency, and myself.

... Any negative information reported by you will be permanently deleted within 60 days at all CRAs you have reported to, including but not limited to EQ, EX, TU.

... The settlement balance difference will not be sold nor attempted to be collected at a later date.

If you accept my settlement offer, please mail me a letter stating that you agree to all of my conditions. I will not acknowledge any acceptance letter from you that does not detail your agreement to my conditions.

This is my last effort to pay this account before I start filing for bankruptcy. I feel like I have nothing to lose with bankruptcy. Bankruptcy will cost me far less than paying this debt, and paying this debt without the negative information being removed will still be damaging to my credit, and in some cases more damaging. So, help me Obi Wan Kenoki. You're my only hope.

Blah, blah, blah.

Now, tailor it to your own needs, and don't abbreviate as I did. They won't have a clue what EQ is... lol.

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Still looking for a copy of a letter sent by an OC stating the will remove the derogatory history?

Has nobody here had the history removed as part of the settlement??

Unless you pay an OC in full, they are NOT going to agree to report you as "Paid As Agreed".

However, with a CA, you CAN get them to remove the collection from your report completely, which is what you want.

Here is a sample settlement agreement with a CA:

Associates Inc, referred to as COLLECTION AGENCY and Paul Gray, referred to as CONSUMER, agree to resolved the matter of the alleged debt, originally held by the ______________________ Company hereafter referred to as the CLIENT. COLLECTION AGENCY, hereby agrees to settle this alleged debt claimed by COLLECTION AGENCY on the following terms and conditions:

The COLLECTION AGENCY certifies that it is legally authorized to act in behalf of its CLIENT and that any agreement that the COLLECTION AGENCY makes on behalf of Client is legally binding on the Client.

The COLLECTION AGENCY and the CONSUMER agree that the present debt due is $38,0000.00 (one thousand thirty-eight thousand & 00/100 dollars). The parties agree that the COLLECTION AGENCY shall accept the sum of $9500 (nine thousand five hundred dollars & no/100 dollars) as full payment on the debt. The acceptance of the payment will serve as a complete discharge of all monies due, and the COLLECTION AGENCY agrees to consider the debt paid in full and agrees to not take further action to collect on the alleged debt. The payment shall be made in the form of a cashier’s check.

Upon payment of the $9500, the COLLECTION AGENCY agrees to remove any listing or information that the CLIENT may have placed on the CONSUMER’S credit report. The COLLECTION AGENCY agrees to never at any time in the future place any information on the CONSUMERS credit report.

The CONSUMER feels that the negative information on CONSUMER’s credit report is damaging and while the exact estimation of the damage is not currently known, the CONSUMER estimates it to be $10,000. Should the COLLECTION AGENCY fail to remove the listing or reinsert it at a later date, the COLLECTION AGENCY agrees to award liquidated damages of $10,000 to CONSUMER.

This compromise is expressly conditioned upon the payment being received by <date>. If the CONSUMER fails to pay the compromised amount by <date>, the original amount owed by the CONSUMER will be reinstated in full, and immediately due.

The person signing this agreement, __________________________________, hereby declares that he/she is authorized to act as an agent of the COLLECTION AGENCY.

This Agreement shall be binding upon and inure to the benefit of the parties, their successors, and assignees.



Legal Representitive of the Associates


Paul Gray


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