Rebuilding Your Credit

[maguff]

sorry this may be a stupid question but how do i PFD?

[sidewinder]

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maguff wrote:

sorry this may be a stupid question but how do i PFD?

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Do you mean what do you write? How do you send it? What?  No question is stupid.

[maguff]

all of the above what do i do. what is pay for deletion? who does it? what do i write? who do i write to? who do i pay? and how much?

[aftermath]

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maguff wrote:

all of the above what do i do. what is pay for deletion? who does it? what do i write? who do i write to? who do i pay? and how much?

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Pay for deletion is a negotiation letter you write the creditor. Basically you offer to pay the full amount as long as they promise to erase the account off of your credit reports.

Be nice, courteous and formal in your letter, especially if it's the original creditor. Don't be demanding, or they will just put the letter through a paper shredder.

Hope this answers your question.

[sidewinder]

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maguff wrote:

all of the above what do i do.

what is pay for deletion?

An offer of compromise to pay the debt in exchange for deletion from your credit report.

who does it?

You write it and send it to whomever is reporting on your credit report, the OC or CA.

what do i write?

There is a sample PFD here-

http://ficoforums.myfico.com/fico/board/message?message.uid=4519#U4519

who do i write to?

To whomever is reporting on your credit report.

 who do i pay?

Whomever owns your debt and is reporting on your credit report.

and how much?

Since you asking for them to do you a favor, it is generally a good idea to offer 100% but some don't.

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[molly73]

will most agencies accept a PFD? if i were to do one PFD......what kind of point change could I expect? I have some accounts that show the last activity was in 2003.....should i wait for it to drop off...or do the PFD? also......a couple of my accounts that have been charged off...I no longer hear from them anymore.....should I contact the creditor & do the PFD? thanks so much!

[ladyvg270]

do you suppose to pay off the one's that are about to be deleted off or no just let it be deleted off?  Also when they are deleted off sense they are very old do i get a score increase?

[maguff]

i sent the DV they got it but said they sent me original documents from the OC and that there not out of business. what do i do now?