@Anonymous wrote:
@Sashamoor wrote:I settled a debt with west lake financial and I ask if I can do a pay for delete, they said they do not do this. I would like to have it deleted anyone ever tried a good will letter and where did you email or mail it to? Please help, I want it removed co,pletely, trying to get a house.
It is very difficult, if not impossible nowadays, to get an original creditor to do a PFD. If you merely "settled" by not paying the full amount owed, then I cannot see why they would delete. Usually, PFD are associated with collections. However, with the original creditor it may be possible with a good will letter campaign (there is a link that someone can add here which walks you through detailed steps).
If you are looking to buy a house, the lender will likely want to see the debt paid in full - not settled. It has been my underestanding that when you settl the debt it is noted on the credit reports as "settled...for less than..." something like "full balance". That is a serious red flag to a mortgage lender.
Recommendations:
1. Continue to ask for PFD
2. Start GW letter campaign
3. See what the remarks note on your credit file (if, "zero bal, paid in full", that is a plus; if "settled for less" etc, that is an issue)
4. Search these boards for more ideas
Good luck and congrats on paying it down.
Not necessarily. Plenty of people here have posted about getting approved for a mortgage with baddies still showing that were settled rather than paid in full.
@OmarGB9 wrote:
@Anonymous wrote:
@Sashamoor wrote:I settled a debt with west lake financial and I ask if I can do a pay for delete, they said they do not do this. I would like to have it deleted anyone ever tried a good will letter and where did you email or mail it to? Please help, I want it removed co,pletely, trying to get a house.
It is very difficult, if not impossible nowadays, to get an original creditor to do a PFD. If you merely "settled" by not paying the full amount owed, then I cannot see why they would delete. Usually, PFD are associated with collections. However, with the original creditor it may be possible with a good will letter campaign (there is a link that someone can add here which walks you through detailed steps).
If you are looking to buy a house, the lender will likely want to see the debt paid in full - not settled. It has been my underestanding that when you settl the debt it is noted on the credit reports as "settled...for less than..." something like "full balance". That is a serious red flag to a mortgage lender.
Recommendations:
1. Continue to ask for PFD
2. Start GW letter campaign
3. See what the remarks note on your credit file (if, "zero bal, paid in full", that is a plus; if "settled for less" etc, that is an issue)
4. Search these boards for more ideas
Good luck and congrats on paying it down.
Not necessarily. Plenty of people here have posted about getting approved for a mortgage with baddies still showing that were settled rather than paid in full.
Agreed, one may be asked to explain why they did not PIF but as far as Fico it doesnt matter settled for less or PIF.
@IncreasingFICO wrote:Go pull all three of your credit reports. Look for any information that does not match (i.e. balance, date opened, monthly payment, status of the account, etc.). Also, look at the payment history, if you have monthly late payments and the 30, 60 or 90 days do not match exactly. I would then open up a dispute with the credit bureaus (by letter) and report that they are reporting incorrect information and that account needs to be deleted. You will want to tell them what does not match (for example, balance on one of the three CB reports shows $0.00 and the other two show $350.00, then state that in your letter). Another example would be if one reports this account "closed" and another one of the CBs reports it as opened.
Also, be careful if you are buying a house, you will want to do this before even applying for a mortgage. Nothing can be in dispute on your credit reports while applying for a mortgage.
That's not how it works. Sure, if there are inaccuracies, by all means, dispute, but that doesn't mean the whole TL has to be deleted entirely. Creditors have the opportunity to correct the inaccuracies and keep reporting.