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I have an old tmobile account that is around $934. They keep sending offers for 40 percent off and "my account will be considered paid in full". I have sent probably ten to twenty PFDs and a couple GWs. Im to the point where I need this off there and they are standing their ground.
So what do I need to get in writing if I want to try and pay the discounted rate they offered and have it look as GOOD as possible on my credit. Does it need to read paid in full or what?
My account with Midland it was pretty easy actually. I called them, told them I wanted a pay for delete, they resisted a little, and then finally agreed. I paid 50% of the balance and it was deleted within 3 months.
I've also had luck with Midland removing an old JCPenny account from my credit after paying the settled amount. Earlier last month an old tmobile account showed up on my credit and they called and offered me a 50% settlement in order to get it removed from my credit. I will be paying this amount on 4/15/12. I'll update you with the results.
My issue with Midland was they didn't report on my credit report until after I paid the settlement amount. When they reported it, they reported it as unpaid, so I disputed it through the credit bureaus and the entries were deleted. I just told the credit bureaus that the account was paid before the entries hit my credit report and they deleted them.
If you cant get a full PFD acceptance, my suggestion is to shoot for at least their agreement not to report an associated special comment reflecting payment for less than the full amount. Their agreement to report as paid is not sufficient.
If they accept payment of the debt as legal satisfaction, they have no option as to the reporting of its current status. It must report as "Paid."
Their is no such thing as a current account status as "paid in full" or "paid for less." It is Paid (satisfied), or it is not.
When you satisfy the debt through their acceptance of less than the full amount, they can, if they choose, report that additional fact to the CRA by way of a Special Comment Code, which reports that the debt was satisfied for less than its full amount.
I would counter with at least their acceptance not to report that the debt was satisfied for less than the full amount.
I had them email me a full dislaimer that stated the pay to remove. Once I agreed I signed and faxed. Was taken care of in less than 30 days actually. I had my MyFico Score Watch pop up and it was a surprise. They were also very understanding with me.