please help me.

[Anonymous]

i have started to rebuild my credit and need help.  i've been pouring over the discussions in the forum, but i'm getting so confused.  

after looking at my credit reports, it appears there are two issues that i need to address.  

1) an american express card that was closed in 2008 (paid) is listed as deliquent for 120 days.  

2) there is a collection to a dental office for 200 dollars (which i could dispute? because i never received the product as i moved out of the state but did put in a down payment for 1/2) .  

question is, how can i get the 120 days notice out of my report?  is there a  way?  

and if i contact the collection agency for the dental bill and settle, do they take this off of my report?  

thanks so much!  

[electra]

GW letter for the Amex lates.

DV to the collection agency for the dental.  If they validate send a PFD.  

[Anonymous]

thank you for the info!  working on it this week.  

[RobertEG]

They key to the accuracy of the 120-late reporting is how it is reporting.

All prior account history is retained under one code or another.  When an account is paid and closed, its current status will no longer report as a delinquency status, but rather paid.  The prior delinquency status is retained under two other codes.... the "Payment Rating" if it was delinquent when paid, and under the "Payment History Profile" for all account delinquencies.

If your CR is showing 120-late as the current status, that is inaccurate, and needs update.

However,  if it is reporting a 120-late under the account, that is accurate.

As for the collection, payment does not require the debt collector to delete.  To the contrary, they are instructed by the CRAs not to delete reporting based on payment of the debt.  As suggested, they can agree to deletion as a condition for your payment (PFD offer), or you can pay and then request them to delete based on their good-will.

Most will first attempt to gain deletion as a condition of payment, as payment is still and incentive for their acceptance.

Paying and then requesting their GW deletion no longer provides that incentive.

[Anonymous]

i see what you are saying.  

it says 120 days delayed with paymeng after charge off/collection under account so i guess that is accurate.  does that mean, it will never leave my history?  and i shouldn't try the letter with amex?  

and thanks so much for the collection information.  would a letter or a phone call be better?  if i can negotiate a payment for getting it erased, i should probably get it in writing before i send the check then?  

[RobertEG]

You will get many opinions on how to pursue a pay for deletion offer.

Some will advise never to call a debt collector, and do all communication in writing.

I am not one of those.

Negotiations are, in my opinion, frequently more fruitful and efficient  if done with personal contact.  Just be careful not to make any firm commitments until you have a firm commitment from them, and dont admit to owing the debt.

It is always preferable to get any commitment in writing prior to sending payment.  However, some debt collectors will not do that.

If it is a show-stopper, you must then decide whether to proceed.... continue to insist on written pre-confirmation and possibly end up with nothing, or rely on their oral promise.

Lingering behind the strength of any PFD offer is what other options they may have.  It is always wise to know the SOL status of the debt before pushing your side of the offer.