Paying off Old Debts

[Anonymous]

With the Federal Rebate check I plan to pay off two old credit card debts I have. One is for $460 and the other is $170 left from $500. I'd like to pay these two collection debts off but I want to remove them from my credit report as well. The debt for $170 shows up two or three times on my credit report from when it was oringinally a credit card, then again when it was transfered to the collection agency I settled with and now to another collection agency seeking the last $170. I have a settlement letter fromt he first collection agency, but they never reported it as settled. I'd like to just pay the $170 and have it removed from my credit report.

So how do I go about getting the $460 debt removed? A Pay to Delete letter states that I don't acknowledge the debt. I don't know if this is just something good to say but I do know the debt is mine, so saying that debt isn't mine seems dishonest, but if that's what I have to do to get the debt removed I will. But I'm hoping there is another way.

As for the $170 debt, how do I get all references to the account removed? Again there are 3 references, 1) the oringinal credit card saying "Charge-off". 2) The first collection agency that I paid a portion and settled with. Not sure if they say, "settled". 3)The current collection agency seeking the $170.

Thanks,

Raven

[llecs]

For the $170, send each CA a DV letter. Only one can report a balance and both are hurting your score. Even if you know the debt is yours, DVing gives the CAs a chance to respond with the correct amount owed. If both still remain, then dispute as a duplicate account with the CRA. If the first one deletes, then offer a PFD letter if the 2nd CA offers a validation to your liking.

You would then GW the OC mentioning you already paid them via one of the two CAs. If the OC is an old account and older than your average age of your credit history, then you might not want to do anything to that account. If they delete, your score could drop.

Is the $460 with the OC or the CA? If with the OC is reporting, offer a PFD letter to the OC. If the CA reporting, start with a DV, then work your way to a PFD.

The word "dispute" in a PFD is necessary. They don't have to accept a PFD. If you write a letter saying that you owe $x and that you will pay it if they delete, they don't have to accept and they can use that letter against you if sued. Basically acknowledging a debt is an admission of liability.

Caution: Sending any letter to a CA or OC will increase the amount of collection activity. Expect calls and letters. Only do this if you are willing to pay.

BTW, welcome to the forums! Examples of these letters are somewhere on these forums.

Message Edited by llecs on 04-28-2008 04:20 PM