Never agree to pay a debt unless they agree to remove from credit report in writing!

[AshCas]

I never understand why people say "never agree to pay a debt unless they agree to remove..".  If you technically owe the debt, you should pay it, and if a CA is reporting an accurate debt, they're under no obligation to remove it. 

As said by others - PFD are a courtesy.  Demanding to get something it writing can def squash a deal..

[sjt]

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@AshCas wrote:

I never understand why people say "never agree to pay a debt unless they agree to remove..".  If you technically owe the debt, you should pay it, and if a CA is reporting an accurate debt, they're under no obligation to remove it. 

As said by others - PFD are a courtesy.  Demanding to get something it writing can def squash a deal..

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You have a point!

But paying a collection/charge off, even in full, can hurt your score becasue of the DOLA. So its a catch 22.

BTW- I have been doing some research and I have yet to see someone with a PFD sucess unless it was a utility bill, medical bill, or some other type of collection not related to a banking loan/credit line/credit card.

[RobertEG]

Assume, for a moment, that all consumers refused to pay unless the adverse credit reporting was deleted, and most/all creditors and debt collectors complied.

Most major derogs would then no longer be of record in consumer credit files.

What value would pulling credit histories then have to creditors, and how would that skew the statistical data upon which scoring is based?

I guess it's OK if only "I" get subjective deletion, as long as a majority of others don't.

The policy of the CRAs that deletion should not be reported on the basis of payment of a debt has a purpose.

[Anonymous]

But we dont live in that probable reality. In this reality, majority of people dont know anything about their consumer rights in the first place to even exercise their options. All I have to say is that there are rules, and there are exceptions to those rules...decide which one you play by, and play to win.

[sjt]

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@Anonymous wrote:

But we dont live in that probable reality. In this reality, majority of people dont know anything about their consumer rights in the first place to even exercise their options. All I have to say is that there are rules, and there are exceptions to those rules...decide which one you play by, and play to win.

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+1

[ando35]

If you do the right thing and pay the debt, they will keep it on your score for seven years and you'll pay higher interest rates to banks. Simple.

[sjt]

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@ando35 wrote:

If you do the right thing and pay the debt, they will keep it on your score for seven years and you'll pay higher interest rates to banks. Simple.

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Paying the debt will not extend the 7 years. The 7 year starts from the DOFD not the DOLA.

[rootpooty]

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@ando35 wrote:

If you do the right thing and pay the debt, they will keep it on your score for seven years and you'll pay higher interest rates to banks. Simple.

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+1 people in the low 600's and know nothing about how credit works are most likely to become victims of loan sharks. it happens everyday and its because they figured just buy paying an old debt it would go away.

[2NE1]

yes, that was certainly my case, I opened up few CCs in 2007 then around 2010 most went into CO due to hardship and car accident. I started getting bothered by CAs over the phone, first I would ignore them but once I started working full time I was told to pay off my debts in order to keep the job and so I did without knowing how much they were hurting my credit report cause I thought they would just "go away" I had no knowledge these type of collections were added on credit reports! Well after paying everything off I ended up losing my job since it required passing a background check for a clearance... it got denied (definitely cause of my previous bad debt). I could've easily had asked/pleaded CAs and OCs to delete if I would've known!



I'm currently going thru an appeal, hopefully I'll be hearing good news soon!

[rootpooty]

I actually forgot about this thread. I have one last collection on my reports from 2006. its just eating me alive looking at it and its due to fall off the reports may 2013. Im impatient and cant wait that long lol!  So if I send a pfd letter does that reset the clock and can they extend the CRTP if they deny my pfd offer. Im so scared to mess with this one cause its old and I certainly dont want to wake a lion on this one!  Thanks