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Successful Settlement

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For any of you who have had LUCK with successfully settling an account and having it removed from your Credit Report...Can you share your process or any helpful tips.

Thanks in Advance.

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If you settle an account with the original creditor, it's not likely that they will agree to remove any negative information from your credit report due to the fact that creditors all report accurately.

This being said, please know that once an account reflects a zero balance, whether through settlement or being paid in full, your credit score will begin to increase monthly. It's not usually necessary to have the negative information removed, as within a few years your credit score will be much improved.

Edited by willingtocope

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Pay for delete has worked really well for me with my Collection Agencies -CAs( all my accounts are 5-6 years old--that might make a difference)

Go to top of page and read the Pay of Delete section

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I would like to settle/pay for delete, however I'm getting NO response from the credit agency....This debt is almost 4 years old.

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I don't know what state your in but you may not have to pay a dime if its past SOL, do some research on this site and you will find someone that has walked your walk, when dealing with CA they can be friendly but just remember they aren't your friends and they will use every tactic to try and get money out of you, they violate the FCRA all the time, so use caution when dealing with vermin. Theres is hope thanks to this site ...............:)

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If you are able to get a pay for delete, you need to have the agreement iron clad and with a liquidated damages clause.

Just about all the time you won't get them to agree to a pay for delete. It puts in jeopardy their contracts with the CRA.

A better, in my opinion, and back door way to a pay for delete is to settle and included a non disclosure agreement as part of the settlement. Specifically state, in the agreement, no party may discuss the amount of the alleged debt, confirm an allege debt exists, or verify to any party the status of the alleged account and debt.

Then, after payment is made, dispute with the CRA. The creditor is now between a rock and a hard place. If they don't respond to the dispute, it gets removed. So you get your intended goal.

If they do verify and update the status with the CRA, they just violated the non disclosure agreement. If you have a liquidated damages clause written into the agreement, for let's say $2500.00, you just got your $2500.00 as the damages are already part of the agreement.

However, you can agree to settle for 1K. This it is rinse and repeat until they stop verifying the account or run out of money paying you the liquidated damages for their violation(s).

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