Pheasant Gunner 0 Posted September 22, 2016 Report Share Posted September 22, 2016 I have negotiated a settlement with a debt collector and agreed to make a one time lump sum payment in xxx amount of dollars next month. This will be a full and final settlement of the case which was through the Municipal Court within the state I live in. After receipt of the settlement check the attorney will file a dismissal with prejudice with the court. Additionally the collection agency's attorney will remove any negative past due references on my credit report. Please advise if this is enough to send as proof to the CRA and have this completely removed from my credit report after the 30 days if it still appears. If not legally worded correctly what would it need to be legally written to make sure that after 30 days it is completely removed with a 3 CRA? Quote Link to post Share on other sites
Clydesmom 1,234 Posted September 22, 2016 Report Share Posted September 22, 2016 20 minutes ago, Pheasant Gunner said: Please advise if this is enough to send as proof to the CRA and have this completely removed from my credit report after the 30 days if it still appears. It is not. Technically they are not supposed to enter into a pay for delete agreement per the terms of the bureaus. The furnisher has to delete the accurate entry. 20 minutes ago, Pheasant Gunner said: If not legally worded correctly what would it need to be legally written to make sure that after 30 days it is completely removed with a 3 CRA? Your agreement merely needs to state they agree to notify the 3 bureaus within 30 days to remove the trade line. If it doesn't happen what you have is a breach of contract with the collection agency and their attorney not an FCRA claim against the bureaus. What you want to add is an accelerated damages clause that states if they fail to perform any aspect of the settlement agreement that you are entitled automatically to $[amount] in liquidated damages and they have to cure the breach within 14 business days. Quote Link to post Share on other sites