01-22-2013 12:53 PM
My husband and I applied for a USDA loan. We were told that we had to get 2 collections (the only ones on his report) deleted in order to be approved. Lender specifically said deleted, "paid in full" would do nothing for us.I called the collections agency, offered paying IN FULL in exchange for deletion. The "supervisor" actually told me that they would rather have the amount unpaid than delete it for us. Now... obviously this makes no sense. He was exteremly rude, so I don't know if I could get somewhere with a different person on the phone. But, does anyone have any tips for successfully negotiating a pay for delete? Again, the amount is small ($211) and I offered to pay in full, no settlement required. It is a medical debt, the name of the company is Stallings Financial. Thanks in advance.
01-22-2013 01:43 PM
Send a PFD by mail, also look at climbing up the ladder to someone who can make things like this happen.
01-22-2013 04:04 PM
Their reporting agreements with the CRAs stipulate that they are not to delete prior reporting based on payment of the debt.
Thus, they are complying with their reporting obligations, which is often incorporated into internal policy passed down to underlings.
Some get PFD or GW acceptance by getting to an ear up the management chain, who has discretion to grant exceptions to their standard "policy."
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.