Jump to content

Which is better: Negotiating your credit rating, or an NDA?


Optimus_SubPrime
 Share

Recommended Posts

I have a somewhat unusual situation in that a credit card company has retained ownership of an alleged account for nearly the entire statute of limitations, and just now initiated collections from outside the company, as the SoL is coming due.

The amount is relatively small (~$1000).

As I understand it, if I make a settlement offer and they accept, the new "settled" or worse, "paid in collections", rating would stay on my record another 7 years. After living with this account on my rating for the past 5, I'd rather be rid of it altogether.

What I'd like to do is propose a settlement under the conditions of an NDA. They sign and accept the offer, then I dispute the debt with the CRA, and they are not allowed to respond, so the TL is removed entirely.

Does this seem reasonable? Or am I missing something important here? I don't often see this route taken.

Link to comment
Share on other sites

Thanks for responding. I'm planning on negotiating with the bank directly. They've employed a debt collector, but they haven't sold the debt yet.

I haven't seen many people try to get their creditors or JDBs to accept a settlement with an NDA attached. It seems like a potentially easier route to deletion, since so many collectors will refuse a PFD outright. The only problem I see is that to make the NDA worth anything, you've got to include some definition of damages if it is violated, and I suspect that may scare some collectors away from accepting the settlement offer.

I guess I'll let you all know what happens. If you can think of some subtle way of creating consequences for violating the NDA that doesn't ring any alarm bells, let me know.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.