No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
The very first thing to decide is whether or not the information being reported, such as a collection, is legitimate. If it is inaccurate, then you can use the dispute process under the FCRA to get it corrected or deleted,
If the information is accurate, then you can request its deletion in exchange for an offer to pay the debt, either in full of by way of a settlement. Any settlement offer should clearly specify that payment will be considered full satisfaction of the debt,
The problem with PFD offers is that they are totally discretionary on the part of the credtior or debt collector. Not only are they discretionary, but the credti reporting manual used by the CRAs incorporte into all credti reporting agreements the stipulation that accurately reported information is NOT to be deleted based on subsequent payment of the debt. While this guideline does not prevent deletions, it certainly gives the credtior or debt collector ammunition to state that deletion is improper.
It is usually much harder to get a PFD offer accepted for less than the full amount, as you are asking them for two concessions, One, to act contrary to establish credit reporting gudelines, and two, to accept less than the full amount they are due. The fact that a PIF and a settlement look the same to FICO scoring does not mean they are considered the same by the party with whom you are seeking the PFD.
Thanks everyone for the info. I'm writing out the "hipaa dispute" letter now. Does anyone know if this works well or is it hit or miss? Also does anyone know the best website to get all 3 credit reports at one time.
You must follow the Hipaa program to a "T", do everything it says.
i am currently using www.creditchecktotal.com, its great for just monitoring your 3 reports. Also you can pull daily. downside its 29.95 a month.
@Schoolbuskid wrote:You must follow the Hipaa program to a "T", do everything it says.
i am currently using www.creditchecktotal.com, its great for just monitoring your 3 reports. Also you can pull daily. downside its 29.95 a month.
I'm about to purchase all three CR now. Is it better to call them to update my addresses and how do I delete the old addresses? Its worth $30 a month at least right now while I get all these collections updated. Thanks for the reply