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Settlement Approval


triton3k
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I just settled for one of my old accounts through a collection company.

In the process of doing so, i told them that I would need a letter stating that once the account is paid that they would report that the account Is satisfied in full. I settled for half of the balance due. Is this gonna help me out as far as my credit report and score or no? REason I ask is because I wanna make sure that its worded properly to show a positive on my report.

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I just settled for one of my old accounts through a collection company.

In the process of doing so, i told them that I would need a letter stating that once the account is paid that they would report that the account Is satisfied in full. I settled for half of the balance due. Is this gonna help me out as far as my credit report and score or no? REason I ask is because I wanna make sure that its worded properly to show a positive on my report.

I don't think this is going to be much of a positive. The CA can't speak for the OC...so, if the OC's TL is still showing something bad, it probably still will.

Also, if the CA appears on your reports as a "collection" then even if its paid, its still bad.

What you want is a "pay for delete"...both the CAs and OCs tradeline. And you also want words in the agreement that they will not sell the balance to a JDB.

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I don't think this is going to be much of a positive. The CA can't speak for the OC...so, if the OC's TL is still showing something bad, it probably still will.

Also, if the CA appears on your reports as a "collection" then even if its paid, its still bad.

What you want is a "pay for delete"...both the CAs and OCs tradeline. And you also want words in the agreement that they will not sell the balance to a JDB.

How would i go about making sure i do this right then?

I have the money order ready to send but i'll hold onto until i can get it worded correctly so that it doesnt have a negative affect on me.

Also, the original creditor doesnt show on my report, just the collection company.

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How would i go about making sure i do this right then?

I have the money order ready to send but i'll hold onto until i can get it worded correctly so that it doesnt have a negative affect on me.

Also, the original creditor doesnt show on my report, just the collection company.

I would send them a letter saying that you need a letter agreeing to delete their tradeline upon acceptance of payment from you. Once you have that conditional letter, you send the payment. And keep a photocopy of the payment instrument as proof they were paid. Send the payment certified mail with a return receipt so you have proof they got it.

CAs will lie like rugs if it will get you to pay. Never take their word that they will delete or modify a tradeline unless they give it to you in writing.

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I'm thinking since you only ask that it be marked paid that is why he was so agreeable. He knows it wouldn't help you and it's what they would have to do anyways. He may not be so agreeable if you ask for a PFD since that would violate their contract with the CRAs. They would have to tell the CRAs they reported in error which is false.

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I'm thinking since you only ask that it be marked paid that is why he was so agreeable. He knows it wouldn't help you and it's what they would have to do anyways. He may not be so agreeable if you ask for a PFD since that would violate their contract with the CRAs. They would have to tell the CRAs they reported in error which is false.

Hmm, so whats another method I can use if that doesnt go well?

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