Example Of Credit Report Letters
2010
Writing a pay for removal letter to credt companies….(serious replies please)?
and I have some questions before I proceed
1. If an old debt was sold to a second company should I send my letter to that company, to the origanal creditor ( for example Sears), or to the first company it was sent to when it first became deliquent…I ask because I have two companies on my credit report reporting the same thing, one is showing that it was sold to another company ( can I have that removed btw) and the second is the company who currently now has the debt.
2. Can writing a pay for removal letter backfire in any kind of way like the company trying to take me to court if my letter is stating that I want a written agreement for removal before I pay so that it wont just show up as paid on my credit report.
Okay, good questions..
1 – You should always send your letter to the current collection agency OR the original creditor. As for the first collection agency, you should file a dispute with the credit bureau saying they are not authorized to report this negative item after it has transferred from one collection agency to another.. This is a violation of the Fair Credit Reporting Act.. however, the original creditor can file it also with a collection agency filing it as well (but never more than one collection agency at a time)… In addition, the 7 year + 180 day clock starts from the first date where it goes 30 days delinquent, followed by 60 90, 120, etc days late.. After the 7 year time clock is up, NO MATTER HOW many times it has changed hands, does not mean they can keep reporting it..
2 – You should not write a pay for delete letter to a creditor.. You should always initiate this conversation via phone, but phrase it to where you are not promising to pay.. For instance, If the debt was to be paid in full, would company remove the item completely from credit report.. While this sounds like a word game, it is not admitting liability or promising to pay the debt… If they agree to do this pay for delete arrangement, then get them to send you a copy in the mail or e-mail, etc.. ..
Hope that helps..
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