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Regular Contributor
Posts: 266
Registered: ‎09-05-2012
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Do Pay For Delete's Work Better if You Give a Good Reason?

This is just a hypothetical, but if you give the collection agency a reason for requesting a delete will you be more successful?

 

Example: "I do not believe these debts are mine and may belong to a room mate of mine that compromised my credit. I am willing to settle this debt in exchange for deletion."

 

I think many collection agencies don't want to do a Pay For Delete because they don't want to break the law or appear to be doing something shady, but what if you gave them a reason to be able to get paid and at the same time, get you out of the negative reporting?

 

Would this make things better? Worse? Just trying to figure out tactics here before I attack my next collection.

 

 




Moderator
Posts: 13,897
Registered: ‎04-15-2011
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Re: Do Pay For Delete's Work Better if You Give a Good Reason?

I don't know personally, sounds like a valid point though.  Worth a try.  I do like the way you don't acknowledge the debt though.

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Epic Contributor
Posts: 21,256
Registered: ‎03-19-2007
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Re: Do Pay For Delete's Work Better if You Give a Good Reason?

Its not illegal for them to delete, so I dont think their is any concern over legal action, but it is against their credit reporting agreements to delete based on payment.

However, when reporting any deletion, the furnisher is not required to provide any reasons, so the CRA policy has no enforcement teeth.

 

To offer a reason is part of any good-will request, which is what a PFD offer inherently is.  So I see no harm.

 

However, once caution....

They are apt to consider such a letter as a dispute, and place a dispute flag in your credit file.

If you make such statements within a PFD, I would preface the letter with a clear introductory statement that your letter is NOT a dispute.

 

Moderator
Posts: 13,897
Registered: ‎04-15-2011
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Re: Do Pay For Delete's Work Better if You Give a Good Reason?

The guidlines use the word "should", plus it's not a law, just a general rule.  The law states they must provide accurate information, it doesn't compel them to provide any information at all.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
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