helpplease Posted March 13, 2007 Report Share Posted March 13, 2007 I am in the process of settling on a credit card debt. I offered a specific amount and specified that I would like the debt noted as "paid" on my CR (It currently is showing "charged-off), as well as the payment history removed. I was told by the lawyer (PC) that it would have to be reported as "settled" and that nothing could be removed from my CR - the original creditor can only report activity, not delete it. Here are my questions:1) Can the original creditor (bank) legally delete entries from my CR? If so, what information can be removed? Reference?2) Can I stipulate the payment noted as "paid as agreed" rather than "settled?" I am being told that if it is not paid in full, then they need to note it as "settled."3) Can I get the debt settlement agreement via email? Would it be considered legally binding as if it were sent certified mail?Thanks for your assistance. Link to comment Share on other sites More sharing options...
gypsie Posted March 13, 2007 Report Share Posted March 13, 2007 1. - The OC can do whatever they choose as long as what they are reporting is "accurate":§ 602. Congressional findings and statement of purpose [15 U.S.C. § 1681](a) Accuracy and fairness of credit reporting. The Congress makes the following findings:(1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system. So, if the creditor removes the credit history- that doesn't mean the TL is not accurate- it just means the TL does not show a history- I have plenty of TLs on my report without a history.2. You're settling a debt- you really can not stipulate anything- unless the SOL has expired.3. Since many creditors do not actually sign anything on an agreement- they simply type "recovery specialist" or something like that- I don't see why an email would be any different. As long as the email is on their letterhead just as a mailed agreement.Anyone else have an opinion?? Link to comment Share on other sites More sharing options...
helpplease Posted March 13, 2007 Author Report Share Posted March 13, 2007 Thanks for the info...it is very much appreciated! Link to comment Share on other sites More sharing options...
shan2themax Posted March 17, 2007 Report Share Posted March 17, 2007 There was an Electronics Transaction Act passed ibut it is only valid in some states and some items from the UCC are not included in this...You can look at each states on this website:http://www.ncsl.org/programs/lis/CIP/ueta-statutes.htm Link to comment Share on other sites More sharing options...
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