Repairing Credit Report For Higher Score!!

Hi,

I am wondering if it is possible to get a creditor to delete a derogatory report from my credit report in exchange for me paying the collection amount. I have read numerous times on this board that the law says derogatory information may be posted to your report but this doesn’t necessarily mean that it must be posted to the report. I am accurate in my assumption? Is the creditor required to post such information to if I pay it off? Also, Can I insist that they delete the item before I pay the amount? I mean, they can always put the derogatory item back on my report if I fail to honor my agreement, right?

Any thoughts, comments, or ideas would be greatly appreciated. Thanks in advance.

JS.
cool grin

Comments(4)

  • FSMCO23rd January, 2004

    Typically any derog stays on your report for 5-7even after you've satisfied the liability. It is just updated to list the outstanding ballance as zero.

    You also have to satisfy the debt before the libitity can be updated to show a zero ballance. Credit repositories require documentation supporting the satisfaction of the debt as part of the credit update process.

    Once the liability has been satisfied you can request a rescore of your credit rating.

  • flacorps24th January, 2004

    Check www.creditinfocenter.com first and foremost, then go to www.creditnet.com and www.creditboards.com. While "delete for pay" aka "pay for delete" was common a few years ago, it's getting harder and harder to get. Doesn't mean you can't get it, but CRAs hate it and make it tough for CAs to do, consequently they hate it. Also it's (slightly) more paperwork for them. Makes for some heated negotiations. Recently, some suggest as a workaround that you get the CA's agreement to update to a zero balance then do no further updating, including requiring them to omit to respond to CRA inquiries about the account. Then dispute with CRAs as "not mine" ... at the end of the day, it has the same effect as a "delete".

    But if you do have to accept some reporting, there are other listings than just "paid after CO" ... you may want to look into the series of possible notations over on www.creditinfocenter.com where it talks about settling debts. And keep in mind that about a year later, you can dispute with the CRAs as "not mine" and in all likelihood the CA will have retired the records to storage and won't be able to verify.

    Also, a lot of these CAs fold tents and disappear from your reports with a simple debt validation letter (DV). No payment even!

    Get educated, and fight for what's right (heck, fight for a lot more than that--they do).

    The "not mine" dispute (regardless of whether it's yours or not) is one of the most powerful things in the universe.

  • plumzany24th January, 2004

    Flacorps is right. I just got an old $44 derog deleted with a strategy that worked like this: The debt was 5 yers old, i payed it off, found it on the report as derog paid (actully worse then not paying at all, now it's on the report for another 7 years!).
    Sent verification letter, waited until i got reciept back and called the CA, told them i really didn't care about the info, just wanted it off. They agreed because it was easier to delete then gather up all the records. FICO score up 50+ points. Life is good!

  • tinman175524th January, 2004

    If you pay them their money you can request them to remove the derog against you, most companies will do it after I have never seen any before. Why would they, they remove it, you close whatever you are doing, then never pay them, you got what you want, and like you say "they can put it back on"

Add Comment

Login To Comment