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Hello, everyone. I'm new to trying to restore (more like resuscitate!) My credit score. I have 4 collection accounts and several late payments. I want to begin by trying to negotiate payment in exchange for deletion as I have read many of you referring to here in the forum, but I don't understand exactly how to go about it. Do I call or send a letter?
If by phone, what guarantee is there that the agency would follow through on deleting after I pay? Or even how do I know the person on the phone IS really authorized to make such a promise?
Finally, are you offering to make full payment in exchange for deletion? One of the collection agencies sent me a settlement offer. If I have to choose, I'd rather have the deletion, of course. But is it possible to negotiate for both deletion and settlement? That particular account is kinda recent (Oct 2016), so well within SOL.
Thanks in advance for any advice.
Yes, you can attempt to obtain both a settlement for less and agreement to delete their reporting.
You can offer payment is exchange for any legal contingency.
PFD acceptance is usually difficult to obtain in itself, and addition of the contingency that they also accept less than the full debt may decrease the liklihood of obtaining deletion agreement.
It is best to obtain a PFD agreement in writing, but debt collectors are often reluctant to put such agreements in writing.
A primary reason is that deletion based on payment of the debt is contrary to their credit reporting agreements with the CRAs.
Oral agreements are legal contracts, and while a bit more difficult to prove in court, can be subject of a breach of contract action on your part should they renig.
Debt collectors commonly record telephone conversations, and such recordings are subject to discovery should you inititate a civil action. They are not likely to go thru the time or expense litigating a breach of contract action once they receive payment of the debt.
I would not be overly concerned that they will not comply.