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11 Responses to “Trying to pay off debt. How can we get them to take it off our credit?”

1. Rick B Says:
   August 28th, 2010 at 4:25 am

   If they say they can’t do it, then don’t pay them. Pretty simple.

   BUT, even if they agree, what is to stop them from rereporting it? You are not going to go through the trouble of trying to sue them are you?
   References :

2. Caveat Emptor Says:
   August 28th, 2010 at 4:52 am

   You can try to bargain a "pay for delete" agreement. The creditors don’t have to accommodate you. A defaulted loan that is "paid in full" still looks better than one that remains in default or was settled for less than the full debt.
   References :

3. Cougars & Texans Says:
   August 28th, 2010 at 5:06 am

   I agree with Caveat Emptor.

   Also, they may sue you. It would be better to pay it off than to settle in court. Paying it off would be the least damaging to yout credit.
   References :

4. jackie m Says:
   August 28th, 2010 at 5:11 am

   Even if you pay it in full it will still be on your credit report for another 6 years and will affect your credit rating – i have paid all my debts and still cannot get a credit card until it is cleared from my report in 6 years from now, there is nothing you can do to clear it.
   References :

5. CatDad Says:
   August 28th, 2010 at 5:23 am

   When a credit card defaults, which is called a charge off, the damage is done to your credit and there is no undoing it. It stays on your credit report for 7 years from the date of default…paid or unpaid. A paid charge off does look better on your credit report, but a charge off is a charge off…. It’s is not possible to negotiate the removal of a charge off from your credit report…at best they can update the notation as a paid charge off.

   If you’re going to pay back a charge off, then you might as well negotiate the lowest settlement you can get being that you’ll be punished with bad credit regardless of what you do. Get all terms in writing BEFORE you pay. What you want is a settlement letter on their letterhead stating that the account will be "Paid in Full" once the agreed to amount is paid.

   Certain collection agencies are notoriously aggressive. Here’ a list: NCO, Midland, LVNV, Calvary Portfolio, Asset Acceptance, Collect America/CACV, Aurora Gold, Fred Hanna, Unifund,
   References :

6. timothy p Says:
   August 28th, 2010 at 5:55 am

   A paid collection is still a collection. Paying off collections will not help your credit score but lenders will view it as a positive when they review your report.

   Look for leverage…

   Has the statute of limitations passed in your state for them to sue? If it has passed then they really have no way to collect other than you offering to pay. They can still sue but all you have to do is show up in court and point out the SOL has passed. Be careful not to do anything to reset the SOL.

   Are they able to provide a complete validation of the debts? send them a certified letter with return receipt asking them to provide a validation including a complete payment history, a contract signed by you making you liable and a contract giving them the rights to collect. Don’t accept anything less than this.

   Other than this, they are the owner of the rights to the debt and are free to report any valid information. If you do decide to pay the debt, you could wait a few months and try to dispute with the credit reporting agencies. They may or may not validate if they have already been paid.

   "I talked to the creditor " You don’t need to deal with them over the phone. Do all communications by mail so everything will be in writing. Keep a copy of all communications and mail receipts. NEVER take a collectors word for it. They will lie, cheat and steal to recover the money.
   References :

7. bdancer222 Says:
   August 28th, 2010 at 6:14 am

   Pay for delete only works for single entry items like medical or utility bills. It does not work for regularly reported items like credit cards or installment loans. The collection agency can only remove what they report. The original creditor’s charge off will remain.

   Paying off derogatory items will not improve your score. The damage is done and will remain for the balance of the 7 year reporting period, whether paid, settled, or unpaid. You may as well negotiate settlement for as littles as possible. Having a derogatory account maked paid in full is only very, very slightly better than settled. Most creditors will view them as the same.

   Get any settlement agreement in writing before you pay and keep that agreement along with your payment proof forever. Do not give the collector direct access to your bank account.
   References :
   BD

8. raina_vissora Says:
   August 28th, 2010 at 7:04 am

   "They offered me a "settlement in full" option which I understand doesn’t look good on our credit."

   That’s kind of a matter of perspective. A settlement in full may not be as good as having it expunged for your credit report (which to my knowledge really *can’t* be done when you’re stuck with a non-payment label), but it’s a heck of a lot better for your score than an unpaid debt is. And provided you don’t incur further debt, it will only really matter to you credit score for about 7 years.
   References :

9. Joseph Says:
   August 28th, 2010 at 7:16 am

   A pay-for-delete is an option during settlement negotiations with a creditor or collection agency, though greater success is found with the latter. With a pay-for-delete, you are asking the creditor/collection agency to accept your settlement offer and a bit extra to completely delete this from your credit report. Other methods are to ask that they change the word SETTLED on your credit report to something more positive like PAID IN FULL or PAID AS AGREED, which has a more positive connotation than settled does. For a pay-for-delete, always get this in writing before any payments are made.

   To discover the fastest method of debt elimination, please visit us at the link provided below.
   References :
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10. Mo Says:
    August 28th, 2010 at 7:59 am

    I quite often agree with BD….but this statement is incorrect: "Pay for delete only works for single entry items like medical or utility bills. It does not work for regularly reported items like credit cards or installment loans. The collection agency can only remove what they report. "

    You can send good will letters asking for a pay for delete to anyone!! They do not have to play ball, but I have done it with a collection acct and a major cc as well.

    Send a letter, certified mail, return receipt requested…OR, even better, what has worked for me, do some digging online & find an executive with the company & send him an email. <– that has worked with Midland credit and Crap 1. So believe me…it can be done!
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    btw…BD…I’m not the one who gave you the thumb down…ok?

11. Iffy Says:
    August 28th, 2010 at 8:47 am

    Your husband is wrong. True facts cannot and will not be deleted from your credit report. It is illgal for that to be done
    References :

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