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So what do you guys think if this letter I wrote up after grabbing some examples from others here in the forums? No sure if this is smart to send to a OC when the 7 year limit is co. ming up this year, 10/2014. Howeverm I am trying to refiance my car or possible trade in/out and want to get really good rates. I have been rebuilding my credit all year and have had things get taken care of and deleted as well. So just trying to finish up with a couple of more charge off's from 2007 that I had. What do you guys think? Maybe any editing advice if any? Also, when sending in a letter like this, does this re-start any clock on the 7 year rule or anything. The DOFD is 10/2007. Here is my letter below:
July 11, 2014
Security Finance-Continental Credit
PO BOX 3146
Spartanburg, SC 29304
1-866-281-7043
Re: Offer of Settlement on Account # *****
Amount: $190.00
Dear Madam or Sir:
This letter is an offer to amicably settle the above account for both parties. In the spirit of compromise I am willing to settle this account in the amount of $20 provided you agree to deletion of this account from any and all credit reporting agencies (eg. Equifax, Experian and TransUnion). The settlement is a win-win; your company profits and the item is removed from my credit files.
Please acknowledge this letter and the above on your company letterhead and have it signed by your agency's authorized signatory with the terms below. Upon receipt of this signed acknowledgment, I will send you a money order, certified cashier’s check, or pay-by-phone with a credit card as offered for $20 within 10 days. Considering your work load, I am extending this offer for 20 days, after which consider it withdrawn. Lack of acknowledgement will be considered an impass, deadlocking any gain from your company. We are both aware of the date of first delinquency being in 10/2007 and that the date for the 7 year limit for this account being reported is coming upon us in the next coming months. After this time, all is lost on your end.
Terms of Settlement: Creditor agrees to delete and remove all information regarding account #**** from all credit reporting agencies within ten calendar (10) days following receipt of agreed payment of $20. Creditor will not attest to the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, creditor will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account. This letter shall constitute a legally binding contract, enforceable under the laws of my state.
Please address all correspondence regarding this opportunity to:
Me
123 Any Street
City, State Zip
After payment and provided reporting time mentioned above I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act. I look forward to resolving this matter in the best interest for both of our parties.
Regards,
SIgned Name
Print Name
This letter is not to be construed as an acknowledgment of my liability for this debt in any form and the validity of this debt is disputed, as the original defaulted debt amount is different from your reported records.
Devil's advocate comments....
The statement that after exclusion from your credit report, "all is lost on your end" is a bit extreme.
You still owe the debt, and they can continue legitimate efforts to collect.
If asked fór disclosure of any unpaid, delinquent debt in a credit app, you would still be required to disclose the debt.
They know that some old debt may still be paid if/when a consumer apps, for example, for a mortgage, and the lendor requires payment of any unpaid debt.
I am also unsure as to why you would place a time limit on your own offer. The benefit you seek would apparently still exist up to time of ultimate CR exclusion.
The max credit report exclusion date could be as late as 4/2015 (7 years plus 180 days from 10/2007).