GW/PIF Letter Suggestions

[quicksilver185]

Hey everyone I would appreciate some feedback on this letter I am planning on sending to my credit union for a closed credit card account I have with them. I already sent a goodwill letter to them which they interpreted as a dispute letter and they requested I send more information into what exactly I am disputing. So I figured I would change up a little and offer to pay the account off in full for deletion of the trade line. I have something like nine 30-day lates on the account.

Dear (Contacts Name),

I am responding to your letter dated September 22, 2011 you sent me in response to my letter requesting a goodwill adjustment on my PEFCU Visa Acct #xxxx-xxxx-xxxx-xxxx. My social security number is xxx-xx-xxxx and my date of birth is xx/xx/xxxx I have also enclosed a copy of the account trade line from my credit report.

In no way am I disputing the accuracy of the information being reported to the three credit bureaus, I was requesting the PEFCU make a goodwill adjustment and remove the late payments from the account. Over the past two years I have been experiencing financial difficulties and have not always been able to pay my account in a timely manner. However I recently have received a promotion which has provided me the financial stability needed to ensure that I am able to pay all of my debts in a timely manner. I feel that my payment history on this account over the past two years does not accurately represent my credit worthiness.

I understand that in accordance with the FCRA PEFCU is required to report all account information accurately, however they are not required to report the account itself. I would be willing to pay the account in full, in exchange for the deletion of the trade line from the three major credit bureaus (Equifax, Transunion, Experian). I will pay the account in full within 10 business of receipt of written confirmation from PEFCU that this is an acceptable agreement.

　

Sincerely

[bruiseviolet]

Ok let's clairfy some things first.  

GOODWILL LETTER:  Is sent only when you've paid an account in full, but didn't realize you should have asked for it to be deleted.  So you basically say, "Hey I was good and paid the account in full, since i still love your company, please remove it from my credit reports".  

PFD (pay for delete):  Is sent when you still owe money on a collection account.  You send the letter and say Hey I will pay the amount in full (or a percentage) if you agree to delete this from my credit reports.

From what you said, you still owe on the account- which is why the goodwill letter confused them.  You should have sent a PFD from the get-go, unless you really wanted to dispute it first, because it's not yours.  If you know it's yours and you have the money-  just do a PFD.  Doesn't matter what the letter says, as long as it says, "I AM ABLE TO PAY $XXX FOR THIS ACCOUNT IF YOU AGREE TO DELETE IT FROM THE 3 CREDIT REPORTING AGENCIES"  

Did that help clear things up?  I know, it's so confusing at first!

[bruiseviolet]

and I feel like an *** because I didn't really read your entire letter to see that you were sending a GW to adjust the LATE PAYMENTS>   ARG>  lol I feel like a total dork now!

 My revised answer is this-   

Take out all the stuff in the beginning about the GW stuff.  Just leave it out.   Just get to the point and say, "I can pay this much now, if you will remove it from the credit reporting agencies" and call it good.  Keep it short, simple, sweet and to the point!

[quicksilver185]

Its ok I appreciate any feedback I can get, so are you suggesting to only send GW letters if the account is already paid off? And thank you I will leave out the GW stuff and just attempt PFD. Thanks

[llecs]

GWs are only for TLs that are paid. Here are ideas on GWs:

GW letter Q&A, Examples, and GW Success Stories