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Settlement with Collection Agency

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Settlement with Collection Agency

I am in a process to settle an account with the collection agency. I am paying them 60% of the total amount( since they have sued me Smiley Sad) and they would give me a letter stating that account has been resolved. They are not wiling to send letter to Credit Bureaus. Can I take that letter and sent it to all the three Credit Bureaus requesting them to delete the Delinquent account COMPLETEly( no Trace, nothgin, nada).
 
Or there is another way to remove the account from my credit report?
 
Thanks in advance
Message 1 of 4
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Moderator Emeritus

Re: Settlement with Collection Agency

What do you mean that they sued you?    Did they file in court?  IF so did they get a judgment?  what was the debt for?  what is your SOL?
 
NO a CRA will NOT delete just because you paid!!!  it must come from the furnisher


Message Edited by HappyDays on 07-15-2008 03:36 PM
Message 2 of 4
New Member

Re: Settlement with Collection Agency

Thank you Happydays for your response.
 
Yes, they have the filed the case in the court. There is no decision been made by the court since we are negotiating. The SOL is 10 years for which 7 years are still remaining. The debt is for some domestic house hold things I bought few years ago.
 
Do the Collection Agency have to sent a letter to Credit Agencies for the account to be totatlly removed?
 
What should be the course of action here to have the account totally removed from my credit report?
 
Thanks
 
 
Message 3 of 4
Moderator Emeritus

Re: Settlement with Collection Agency



dizzlews wrote:
Thank you Happydays for your response.
 
Yes, they have the filed the case in the court. There is no decision been made by the court since we are negotiating. The SOL is 10 years for which 7 years are still remaining. The debt is for some domestic house hold things I bought few years ago.
 
Do the Collection Agency have to sent a letter to Credit Agencies for the account to be totatlly removed?
 
Yes, the one reporting must request the deletion from the CRA.
 
What should be the course of action here to have the account totally removed from my credit report?
 
If you didn't negotiate a PFD, try sending GW letters as soon as the account is paid. They must update the account to reflect it's current status.
 
Thanks
 
 



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