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hello,
a couple pled of questions I'm seeking clarification on.
I have a medical debt debt that is killing me on my cr. The collection is for 350.
If i settle, is it true the agency has 45 days to delete it from my report or will it report it as settled? This is in Texas if that has any say so.
If they continue to report even after I settle, am I better off seeking a pay to delete?
thanks for the insight.
@Anonymous wrote:hello,
a couple pled of questions I'm seeking clarification on.
I have a medical debt debt that is killing me on my cr. The collection is for 350.
If i settle, is it true the agency has 45 days to delete it from my report or will it report it as settled? This is in Texas if that has any say so.
If they continue to report even after I settle, am I better off seeking a pay to delete?
thanks for the insight.
The (45 days from paid, or zero balance showing) was a pending legislation in '13, but I'm not sure if it's passed. Assume it hasn't unless you can confirm it elsewhere, or by others here. Who's the CA, or is it still in Hospital control?
The debt collector must update the balance to $0 and close their collection.
The fact that they settled for less than the full amount of the debt is not required to also be reported. If they choose to do so, they include the additional special comment that records that fact. It is not required.
If you settle for less and obtain their agreement not to additionally report that fact, then their reporting will appear the same as if the debt had been paid in full.
There is no requirement under any state or federal statute that any collection be deleted after 45 days.
To the contrary, the CRA offiicial policy as set forth in their standard credit reporting manual, is that debt collectors are not to delete based on payment of a debt.
That applies to PIF or settlements for less.
You are always better off obtaining a pay for deletion agreement prior to payment of a debt.
However, in view of CRA policy, that is often difficult.
As an aside, if the debt is paid by medical insurance, then a recent consent agreement between the big-3 CRAs and the NYS Office of the Attorney General will result in deletion by the CRA. That only applies to medical debt paid by an insuror, not the consumer.
Before doing anything else google the HIPAA Letter Process follow it exactly as laid out. If you have any problems finding the website or have questions PM me.
thanks for all the great info. Looks like I got some researching to do.
I'll look into the Hippa process.
What I find strage is that the collection states that it just began reporting late last year; the services were rendered back in 2012 or so.
I just started looking into getting rid of it as it's the only derogatory mark on my history. have always paid on time and utilization is under 2%
Thanks again!