Does this look okay?

[Anonymous]

Getting ready to send this out and I wanted to make sure that it was worded correctly before it was sent:

After reviewing my credit report, I have realized that this account has passed the statute of limitations for a law suit and is due to be removed from my reports within the next couple of months. However, in the spirit of compromise, I am willing to pay this account in the amount of $xxx.xx if you agree to immediate deletion of this account from any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to have this item removed from my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.

I'm nervous about sending it, and I just want to make sure that it was ok. Thanks!

[BungalowMo]

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@Anonymous wrote:

Getting ready to send this out and I wanted to make sure that it was worded correctly before it was sent:

After reviewing my credit report, I have realized that this account has passed the statute of limitations for a law suit and is due to be removed from my reports within the next couple of months. However, in the spirit of compromise, I am willing to pay this account in the amount of $xxx.xx if you agree to immediate deletion of this account from any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to have this item removed from my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.

I'm nervous about sending it, and I just want to make sure that it was ok. Thanks!

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I'd certainly word that differently.  Simply because something is past SOL does not make it past CRTP! 

What is your DOFD?

[Anonymous]

My CR states "This item is scheduled to continue on record until. Jan. 2011". I'm not sure how this even made it to my CR anyway. The last I remember, it was PIF (in December 2003) and not used after that.

[Anonymous]

Yeah did it have a annual fee or something?  You have record of it being paid in full .. may there have been fees assessed later that grew over time.

I'm all for paying what you owe that is the right thing to do ... however if you did pif and you don't owe the money than that's a different story.

Just trying to figure in whether you may have left some loose ends when you "paid in full"

[Anonymous]

We had taken out a loan at a local finance company, and part of the agreement was to PIF the balance due on the CC. We had to do this before they would issue the check. We did PIF, but I don't remember using the card again. Anyway, I really don't want to fight with them about it, I just need to to be gone ASAP. I was thinking that this would be much faster than waiting on a DV.

[BungalowMo]

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@Anonymous wrote:

My CR states "This item is scheduled to continue on record until. Jan. 2011". I'm not sure how this even made it to my CR anyway. The last I remember, it was PIF (in December 2003) and not used after that.

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It made it to your report because you were either late, defaulted or whatever the issue may have been.  These negative items remain on your report, legally, between 7 to 7.5 years from DOFD.  Just because the acct is paid off & no longer used does not make it go away.

[Anonymous]

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@BungalowMo wrote:

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@Anonymous wrote:

My CR states "This item is scheduled to continue on record until. Jan. 2011". I'm not sure how this even made it to my CR anyway. The last I remember, it was PIF (in December 2003) and not used after that.

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It made it to your report because you were either late, defaulted or whatever the issue may have been.  These negative items remain on your report, legally, between 7 to 7.5 years from DOFD.  Just because the acct is paid off & no longer used does not make it go away.

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It wasn't in bad standing when we PIF, it was still an active account. There could have been an AF, I don't remember.

[BungalowMo]

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@Anonymous wrote:

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@BungalowMo wrote:

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@Anonymous wrote:

My CR states "This item is scheduled to continue on record until. Jan. 2011". I'm not sure how this even made it to my CR anyway. The last I remember, it was PIF (in December 2003) and not used after that.

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It made it to your report because you were either late, defaulted or whatever the issue may have been.  These negative items remain on your report, legally, between 7 to 7.5 years from DOFD.  Just because the acct is paid off & no longer used does not make it go away.

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It wasn't in bad standing when we PIF, it was still an active account. There could have been an AF, I don't remember.

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Ok...this is hard to picture what is going on with this.  What is the negative comment on the OC acct?  Did this go to collections?  Can you do a screenshot (or even just type out) what this acct says...minus any personal info like acct #.

[Anonymous]

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@BungalowMo wrote:

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@Anonymous wrote:

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@BungalowMo wrote:

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@Anonymous wrote:

My CR states "This item is scheduled to continue on record until. Jan. 2011". I'm not sure how this even made it to my CR anyway. The last I remember, it was PIF (in December 2003) and not used after that.

---

It made it to your report because you were either late, defaulted or whatever the issue may have been.  These negative items remain on your report, legally, between 7 to 7.5 years from DOFD.  Just because the acct is paid off & no longer used does not make it go away.

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It wasn't in bad standing when we PIF, it was still an active account. There could have been an AF, I don't remember.

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Ok...this is hard to picture what is going on with this.  What is the negative comment on the OC acct?  Did this go to collections?  Can you do a screenshot (or even just type out) what this acct says...minus any personal info like acct #.

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It was a First Premier CC. OC says that it was "purchased by another lender" and it is listed with CA (Arrow). We know that we had the card, but as part of our agreement with the finance co. we would pay the balance down to $0 because we had just bought a house and they told us that was the only way they would finance. It was a fairly small loan, but we needed it for emergency repairs.

I'm really not sure if this is my mistake, or theirs. I really just need it off (in a hurry) so I don't really want to mess with a DV or anything like that. I just want to offer them a PFD, and hopefully they will go with it since it's out of the SOL, and soon to be removed from my report anyway. The only one showing the balance is the CA, so that is who I am going to send the PFD to. Would I need to word it different or would it be fine like it is? The only thing that I am worried about is them  trying change the info at the CRA and extending the time that it is going to be reported (I know that's illegal), if they chose not to accept my PFD. 

[guiness56]

Yes, this letter sounds fine.

As I understand it,  this is to fall off your CR in a few short months.  SOL for suing has long passed but you are willing to settle the account, whether you believe you owe it or not,  for early deletion from your CR