How should I negotiate listing on my credit report?

[Anonymous]

Hey all,

I have been dealing with a Credit Union credit card collections for a while now. I have been trying to negotiate a status and pay off to settle a charge off on a old credit card bill. I have been offered around 50% pay off for the debt. I am willing to do thtis and asked for"paid in full" status to be reported

1) Is paid in full better / worse than paid as agreed on credit report?

2) they refuse to give me any letters on how they will report this to the credit agency until AFTER I pay..I read that I should get this before and tried hard to get this they flat out refuse

3) They refuse to report as "paid in full" unless i pay the full amount can this be done?

Thanks in advance

[Burned2manybridgesB4]

This needs to go Rebuild.  MOD

*once a mod moves it, you'll get more input to your question

[rckstrscott]

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@Anonymous wrote:

Hey all,

I have been dealing with a Credit Union credit card collections for a while now. I have been trying to negotiate a status and pay off to settle a charge off on a old credit card bill. I have been offered around 50% pay off for the debt. I am willing to do thtis and asked for"paid in full" status to be reported

1) Is paid in full better / worse than paid as agreed on credit report?

2) they refuse to give me any letters on how they will report this to the credit agency until AFTER I pay..I read that I should get this before and tried hard to get this they flat out refuse

3) They refuse to report as "paid in full" unless i pay the full amount can this be done?

Thanks in advance

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It needs to be removed in order to impact your credit scoring in any real way... if the charge off is showing a balance, then paying it off will help some, but it will still show a negative factor. You will need to try to negotiate a removal

-scott

[guiness56]

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@Anonymous wrote:

Hey all,

I have been dealing with a Credit Union credit card collections for a while now. I have been trying to negotiate a status and pay off to settle a charge off on a old credit card bill. I have been offered around 50% pay off for the debt. I am willing to do thtis and asked for"paid in full" status to be reported

1) Is paid in full better / worse than paid as agreed on credit report?  Paid in full would indicated it was a settlement where paid as agreed would indicate it had never been COd.

2) they refuse to give me any letters on how they will report this to the credit agency until AFTER I pay..I read that I should get this before and tried hard to get this they flat out refuse  Sometimes they just won't.  But normally they will tell you how it will report.

3) They refuse to report as "paid in full" unless i pay the full amount can this be done? What do yo mean can this be done?  If you don't pay the full balance, no, they don't have to report paid in full.  They can report settled.

And to clarify, if the CC is reporting a balance and a CL, it is included in your utilization and there is a double hit to your score.  One for utilization and one for the CO itself.    If it isn't reporting both, it is not factored into utilization.

Thanks in advance

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[kitty9779]

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@Anonymous wrote:

Hey all,

I have been dealing with a Credit Union credit card collections for a while now. I have been trying to negotiate a status and pay off to settle a charge off on a old credit card bill. I have been offered around 50% pay off for the debt. I am willing to do thtis and asked for"paid in full" status to be reported

1) Is paid in full better / worse than paid as agreed on credit report?

2) they refuse to give me any letters on how they will report this to the credit agency until AFTER I pay..I read that I should get this before and tried hard to get this they flat out refuse

3) They refuse to report as "paid in full" unless i pay the full amount can this be done?

Thanks in advance

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By any chance, are you dealing with Credit Union Recovery? I have an amount that I owe to a credit union but these CU Recovery people won't give me any information about how a settlement will be reported. I'm going to call the credit union directly and see if I can pay them and see if I can work out a PFD directly with them. CU Recovery tells me no to PFD.

[jroxy5]

@Lee: 

I would do everything by certified mail at this time.  I would write them a letter with your payment included; whether you paid in full or made a deal for 1/2, etc...

In the letter, I would remind them of the conversation you had with so and so on whatever date; that once the agreed payment was received; they will note the account paid as agreed.  Remember, you made a new agreement...

In addition, I would state in the letter, upon receipts of this payment per our agreement made on such and such date; that they will note the account as paid as agreed and to remove all negative notation. 

I rather have a paid collection then not and I rather have negative notation removed then allow the account to stay on your report...

As for myself, I like to deal with the original creditor versus the collection agency.  Once I paid the original credit; the collection agency cannot list your account as a paid collection when you paid the original creditor.  That would be a lie for the collection agency and a violation of FCRA.  Then if the collection agency continues  to list the account as collection, you can get them removed; what legal right do they have to make notation on an acccount you paid to the original creditor. 

A Case against; NCO Financial Systems Inc.,10540 White Rock Road, Suite 250, Rancho Cordova, CA 95670; they were making notations on the consumers CRA; stating they collected the monies owed, but infact they did not (the original creditor was paid); therefore, they were fined and in violation of the law, then they failed to list the dates of delinquency...

For your Reference See: United States of America vs. NCO Group, Inc. NCO Financial Systems, Inc. & NCO Portfolio Management, Inc.(Violation of FCRA , page 3,  #11 & # 12)