Need some advice

[Anonymous]

I'm asking on behalf of my mother who recently had a debt that went to the collection agency. She wants to pay it off but she also want it removed from her credit report. It is a credit card debt so I was wondering if it's even possible to remove these by requesting a pay for delete agreement with the collection agency.

Also, since it is already in the collection agency, does that mean this negative report will be on her credit history for 7 years? Whether paid or unpaid? If unpaid, after 7 years, is it totally wiped out from her credit report like it never ever happened?

[Anonymous]

In my experience I have had a lot of success paying the CA and getting it removed.  A lot even accepted a payment of a lot less than I owed and they removed it.  If they would not remove the entry on my credit report then I would not pay because the damage is done, paid or unpaid.  You need to get it in writing that they will delete it so you have some backup.  

Where I did run into trouble was with the OC.  The credit card companies put a charge off on your credit report then they assign or sell the debt to CA.  I was unable to get even one of the credit card companies to remove or even change their entry.  However I was satisfied with a 0 balance so my util went down to 0.  

[Anonymous]

If by any chance that the CA did not follow through with their agreement, can I proceed to file a lawsuit even though it's in violation with the FDCPA?

And also, if I proceed for a PFD, I should always DV first right?

[Anonymous]

I have never had a CA not follow through on their agreement.  However I have had Equifax give me a heck of time getting something deleted.  It would get deleted and Equifax would put it right back on there.  In that situation I found a way around it and got them removed.  Most of the CA's I have worked with were pleasant and easy.  Having it writing would help you keep it removed or make them follow through.  Equifax or the like will not honor that letter and they won't remove based on that.  I think, but I am not positive, in the event that you did have to sue the letter would be a contract and Equifax would be forced to removed the TL.  

I have different views on the DV.  If the debt is mine I think it is a stall tactic and just irritates the creditor so I don't DV.  Now if I did not know about my debt then I would DV to find out what I was paying and who to pay.  Sometimes you luck out with the DV's and get them removed.  I had a few removed this way.

[guiness56]

Whether the debt is yours or not it is always best to DV a CA first.  It is not a stall tatic, it is a process to prove 1. that, yes, the debt is yours and 2.  the CA can legally collect the debt.

If the CA cannot validate the debt they cannot continue collection activity.

If you cannot afford to PIF and the debt is still within SOL, don't DV.  It could cause them to sue you.

If you can PIF, send a DV, if they validate, send a PFD.

Whether the collection is paid or not, it will stay on the CR for 7 - 7.5 years from the DoFD.  It will be deleted from the CR after this time.  A common misconception is that when it is deleted, it is as it never occured.  Unfortunately, that is not true.  Though it will not be on your CR, it will be contained in a credit file that contains your entire credit history.  It is only available to creditors in certain situations.

[Anonymous]

Sorry, I'm an amateur at these things. What is PIF?

[Travis-84]

PIF=Pay in full

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Guide-To-Common-Abbreviations/m-p/224988?jump...

[Anonymous]

What are the chances of getting a settlement and still get the CA to agree on PFD?

[llecs]

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@Anonymous wrote:

What are the chances of getting a settlement and still get the CA to agree on PFD?

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It varies from CA to CA. Some never budge and some accept almost every time. Search for the CA's name in here and you can see others' responses to PFDs in regards to that CA, if well known.