Rebuilding Your Credit

[rootpooty]

Your Name
Your Address
Your City, State Zip

Collector’s Name
Collector’s Address
Collector’s City, State Zip

Date:

Re: Account Number XXXX-XXXX-XXXX-XXXX

Dear Collection Manager:

This letter is in response to your [letter / call / credit report entry] on [date] related to the debt listed above. I wish to save us both some time and effort by settling this debt.

Please be aware that this is not an acknowledgment or acceptance of the debt, as I have not received any verification of the debt. Nor is this a promise to pay and is not a payment agreement unless you provide a response as detailed below.

I am aware that your company has the ability to report this debt to the credit bureaus as you deem necessary. Furthermore, you have the ability to change the listing since you are the information furnisher.

I am willing to pay [this debt in full / $XXX as settlement for this debt] in return for your agreement to remove all information regarding this debt from the credit reporting agencies within ten calendar days of payment. If you agree to the terms, I will send certified payment in the amount of $XXX payable to [Collection Agency] in exchange to have all information related to this debt removed from all of my credit files.

If you accept this offer, you also agree not to discuss the offer with any third-party, excluding the original creditor. If you accept the offer, please prepare a letter on your company letterhead agreeing to the terms. This letter should be signed by an authorized agent of [Collection Agency]. The letter will be treated as a contract and subject to the laws of my state.

As granted by the Fair Debt Collection Practices Act, I have the right to dispute this alleged debt. If I do not receive your postmarked response within 15 days, I will withdraw the offer and request full verification of this debt.

Please forward your agreement to the address listed above.

Sincerely,

Your Name

(DO NOT SIGN THE LETTER)

Tips for Sending Your Pay for Delete Letter

• Send the letter only if you have the ability to pay the full amount listed as soon as the collection agent agrees to your offer.
• Send the letter and your followup payment via certified mail with return receipt requested.
• Make sure you keep a copy of the letter for yourself.

[YoungMoney06]

rootpooty: Thank you! Would I include in the letter that upon cashing of the payment would constitute an accepted agreement when I send the payment in? And would I mention that the SOL has expired, or are these things I need to avoid?

[rootpooty]

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YoungMoney06 wrote:

rootpooty: Thank you! Would I include in the letter that upon cashing of the payment would constitute an accepted agreement when I send the payment in? And would I mention that the SOL has expired, or are these things I need to avoid?

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its not needed.  there are other PFD sample letters in the stickies you dont have to use the one i provided.  I have used the one i showed you and some accept it and some deny it.  I had 7-8 collections and only one accepted my PFD offer.  I have had more success paying the CA's then sending a GW asking for a deletion.

[YoungMoney06]

The only downfall about paying first and sending a GW is that it isn't guaranteeing they'll even accept the GW though, right?

[rootpooty]

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YoungMoney06 wrote:

The only downfall about paying first and sending a GW is that it isn't guaranteeing they'll even accept the GW though, right?

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right but a paid collection is better than an unpaid collection when doing a recon.  I was just stating the fact that I have had more success getting derogs removed via GW than PFD

[YoungMoney06]

To put this story to rest, TU removed the account. Awaiting Experian and Equifax right now. Just hope it doesn't show back up later down the line. And as a result of the removal, score jumped about 15 points.

WIN

[Shogun]

Nice.  Congrats!

[YoungMoney06]

Thanks Shogun...

BTW, just did some research. Account was deleted from Equifax as well.

What a great feeling. Now I just need to manage this one credit card I have and keep it in good standing, possibly get me a couple secured cards.

Any chance I will have a better opportunity at unsecured cards now that this one account has been deleted off EQ and TU? Account was claiming I was a recent risk, however, with it removed, the reports should look slightly appealing right?

[Shogun]

I would say yes.  

[jandj80]

With TU being your highest score, I would strongly encourage you apply to Walmart for their store card, or to Barclays for the NFL rewards card. I was approved for both (600CL Walmart and 500CL Barclays). I think you stand a great chance with both of them. And congrats on the deletions!