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Pay in Full Vs Settle/ Pre Approval Mortgage Conditions

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Re: Pay in Full Vs Settle/ Pre Approval Mortgage Conditions

So I figured I would come back with an update, if anyone is interested.  As I expected, they were not willing to "pay for delete" but I wonder if that has to do with the fact that RGS is simply a 3rd party collecting on behalf of the other CA that IS reporting.  Anyway, I had a discussion with a supervisor and was of course anxious taking this step but I paid the account in full, over the phone, and got a receipt via email within the hour stating that the account had a zero balance and has been paid in full.   I was advised that they will advise the reporting CA by July 1 that this has been paid in full and then they have 30-90 days to report as zero balance or paid in full.  I may also write a goodwill letter asking them to delete since I paid it in full with no issues.

Message 11 of 12
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Re: Pay in Full Vs Settle/ Pre Approval Mortgage Conditions


improving2013 wrote:

So I figured I would come back with an update, if anyone is interested.  As I expected, they were not willing to "pay for delete" but I wonder if that has to do with the fact that RGS is simply a 3rd party collecting on behalf of the other CA that IS reporting.  Anyway, I had a discussion with a supervisor and was of course anxious taking this step but I paid the account in full, over the phone, and got a receipt via email within the hour stating that the account had a zero balance and has been paid in full.   I was advised that they will advise the reporting CA by July 1 that this has been paid in full and then they have 30-90 days to report as zero balance or paid in full.  I may also write a goodwill letter asking them to delete since I paid it in full with no issues.


I think that is an excellent idea, the GW letter...

 

Good luck!

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Message 12 of 12