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I'm looking to get three items removed. Does the below letter protect me from possible shenanigans by the JDB? All accounts are past SOL for collection, but still two years until CRA removal.

 

The shenanigans I can think of are selling the remainder, considering this a payment offer and attempting to reset the SOL, or this agreement being unenforceable and them taking payment then not following through with removal.

 

I've found what could be FCRA violations with all of the accounts, but they are at most weak and I would likely have to pursue them myself. I believe I've preserved my rights by disputing correctly and sending 623 letters. (still awaiting 623 responses)

 

 

This letter is to inform you that the validity of this debt is disputed. I am unaware of these account and have no verification the debts are mine. I only know of these account based on them being reported in my credit report(s). As we both know, I have the right to dispute the accounts, request for verification, and/or request for validation of the debts. However, in order to quickly resolve this account, I am willing to pay $XXXX, if you agree to delete the accounts from any and all credit reporting agencies. Please do not quote to me that you are unable to do this, I am aware of both your rights as well as my own. We both know you are the source reporting the accounts and have the absolute right to report them, not report them, or delete them from all reporting agencies. The purpose of this settlement is merely to have the items removed from all reporting agencies. We are both aware that paying these unverified debts is no benefit to me unless we can agree on the terms. I am sure you are aware that paying a collection account does not bode well on a credit report and that merely having a collection on a credit report will have a negative impact whether paid or unpaid.

 

Please Note: This is not an acknowledgment of liability for this debt in any way or form. If there is any confusion about my position on this alleged debt, please refer back to the first paragraph of this letter in which I state: “I am unaware of this account...” That being said, let me be clear, this is NOT: a promise to pay, a renewal, an admittance to this debt, or in any way me agreeing this debt is mine. This is a restricted offer only.

If you agree to the terms and accept this agreement, I will send you certified funds immediately after I receive this signed agreement. The funds will be sent only if in exchange for it, you are agreeing to the terms set forth in this agreement and will be deleting this account from all reporting agencies. This debt will be considered satisfied, there will be nothing more owed, nothing further to collect, and you will consider this a closed, satisfied account. Again, ALL references regarding this account must be deleted from ALL reporting agencies. Since certified funds will be used for payment, ALL information about this account WILL be removed from all reporting agencies within 15 calendar days of receiving the funds.

 

Credit Company agrees to delete ALL information regarding this account from ALL credit reporting agencies WITHIN FIFTEEN (15) CALENDAR DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone, for any reason, excluding your client on this account. If contacted by any third party, including credit reporting agencies, Credit Company will not acknowledge that any settlement offer was made, accepted, offered, or executed and will deny knowledge of any such account.

If you agree to the above terms, please sign (by an authorized representative of Credit Company this agreement below, print (clearly) the name of that signature, and provide the position held by the one signing this agreement. It will be implied that this letter shall constitute a legally binding contract, enforceable under federal, state, and local laws. Please also include with this signed agreement a company letterhead stating you received and agree to this restricted offer and the terms set forth within it.

 

Your response must be postmarked no later then 10 Days from your receipt of this settlement/agreement offer OR this offer will be withdrawn and I will pursue my options under FCRA and FDCPA as to the errors in accuracy noted in reporting these alleged debts.

 

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IMHO that letter is WAY too confrontational to get a CA to agree for a PFD.  There is a way to word that to say that while you dispute the debt in the interest of resolving the remaining issues on your CR you are willing to settle the matter under the following terms:  (amount), deletion of the CA tradeline from all 3 CRAs, any remaining balance is disputed, the account not be resold.  

 

When I did PFD I enclosed two copies of the signed settlement agreement and states if they agreed simply have an authorized representative sign one and return. Once I receive it payment is within 14 calendar days.  They signed and returned.  I paid with money orders and all 3 deleted.

 

Keep in mind some CAs, JDBs, and creditors have rigid non-compromising NO PFD policies.  You cannot force them to do it.

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@Mantis Knight

 

I agree with Clydesmom that the letter is too wordy.  Are all of the debts outside the SOL?

 

The purpose of this settlement is merely to have the items removed from all reporting agencies. We are both aware that paying these unverified debts is no benefit to me unless we can agree on the terms. I am sure you are aware that paying a collection account does not bode well on a credit report and that merely having a collection on a credit report will have a negative impact whether paid or unpaid.

 

 

Those statements give the furnishers some leverage.  They will suspect that you need to have the entries removed for some reason and that they can get more money out of you.

 

f there is any confusion about my position on this alleged debt, please refer back to the first paragraph of this letter in which I state: “I am unaware of this account...” That being said, let me be clear, this is NOT: a promise to pay, a renewal, an admittance to this debt, or in any way me agreeing this debt is mine.

 

 

Who agrees to pay debts of which they are unaware?   The fact that you'd be willing to pay for debts that you aren't aware of goes back to my statement about a need to have the entries removed which, again, gives them the leverage.

 

What possible violations do you have?

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Revised a bit based on feedback.

 

 

This letter is to inform you that the validity of this debt is disputed. I only know of the accounts based on them being reported in my credit report(s). At this time all three accounts are outside statute of limitations and you have no legal recourse to collect.

 

In order to resolve the account, I am willing to pay:

 

[ ] $XXXX, if you agree to delete the accounts from any and all credit reporting agencies.

OR

[ ] $XXXX, if you agree to have accounts marked paid in full.

 

Please Note: This is not an acknowledgment of liability for this debt in any way or form. If there is any confusion about my position on this alleged debt, please refer back to the first paragraph of this letter in which I state: “I only know of the accounts ...” That being said, let me be clear, this is NOT: a promise to pay, a renewal, an admittance to this debt, or in any way me agreeing this debt is mine. This is a restricted offer only.

 

If you agree to the terms and accept this agreement, I will send you certified funds immediately after I receive this signed agreement. The funds will be sent only if in exchange for it, you are agreeing to the terms set forth in this agreement and will be following the terms of the selected agreement either to remove from reports or mark paid in full. This debt will be considered satisfied, there will be nothing more owed, nothing further to collect, and you will consider this a closed, satisfied account.

 

If you agree to the above terms, please sign (by an authorized representative of Credit Agency this agreement below, print (clearly) the name of that signature, and provide the position held by the one signing this agreement. It will be implied that this letter shall constitute a legally binding contract, enforceable under federal, state, and local laws. Please also include with this signed agreement a company letterhead stating you received and agree to this restricted offer and the terms set forth within it.

Your response must be postmarked no later then 10 Days from your receipt of this settlement/agreement offer OR this offer will be withdrawn and I will pursue my options under FCRA and FDCPA as to the errors in accuracy noted in reporting these alleged debts.

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@Mantis Knight

 

Why don't you just dispute first without a PFD request.   Who knows?  You might get lucky and a furnisher will just delete an entry.  It's been known to happen.

 

In the event that they verify, then you could request a PFD.

 

I've found what could be FCRA violations with all of the accounts, but they are at most weak and I would likely have to pursue them myself.

 

 

What possible violations?

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@Mantis Knight

 

Why don't you just dispute first without a PFD request.   Who knows?  You might get lucky and a furnisher will just delete an entry.  It's been known to happen.

 

In the event that they verify, then you could request a PFD.

 

 

What possible violations?

@BV80

 

I answered your request about disputing.  I have disputed with the CRAs for all three accounts.  After they came back Verified I asked for the Method of Verification (from the CRA) and Sent 623 letters (to the JDB) individually CMRRR on all three accounts. I'm currently waiting for a reply on the 623 letters.

 

The violations are the broad things like proving they can apply interest they have, the "open account", and "open date". I think they backdated when they shouldn't have. I know they are week and would be difficult to prove. 

 

On the other hand I can prove that Even when they had my correct mailing address. The Dunning letter sent on account three was sent to an address they knew would not get a response.  I only found out about it by accident while trying to get information on the first two accounts.

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@Mantis Knight

 

Then, as Mehtamar suggested, wait for the results of the 623 dispute.  I wouldn't offer to pay anything if there's the slightest possibility that the furnisher might delete its entry without such an offer.

 

The "open date" reported by a CA or JDB is the date that entity received the account in their files.  If you're thinking that it reages the account, it doesn't.  The 7 year reporting period is based upon the OC's date of first delinquency.

 

"Open account" can mean the type of account.  It doesn't mean that the account is still open and active.

 

If that's what you were thinking, those are common assumptions made by consumers.  When I first started repairing my credit, I thought the same thing.

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No guarantee of succes in getting PFD.

No guarantees on an overly-broad release of liability.

 

After exhausting all alternatives to having to pay my moneys, *I* might review the language in an overly-broad release (Swineton: http://www.groundbreakinglaw.com/2012/10/29/beware-of-the-release-swinerton-lawsuit-barred-based-on-poorly-worded-stipulation/ ) as possible supplemental language to a PFD or as a possible alternative to a PFD. Especially if the collector claims they are barred by CRA agreement and/or laws from agreeing to certain terms.

 

I do like the idea of offering multiple options as to terms+$$ to the other-side. They get to balance $ and terms and I am happy with either resolution.

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Are you in a hurry to get these deleted? Your letter and settlement sound like you are in panic mode and a loose cannon waiting to go off at the first opportunity. If I was the recipient I'd ignore it for fear of Pandora's box.

One thing I think you should add, though, is a condition that they will not communicate the debt with anyone at any time for any reason. This way, if it doesn't drop from your reports, you can dispute it again with the CRAs and the furnisher will be prohibited from verifying it.

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