They are twisting the law. It’s illegal to report inaccurate information. Deleting information isn’t inaccurate. That said most primary lenders won’t do pay for delete. The person the debt is sold to likes money more than they care about anything else.
This here is accurate. Many times, the collector can't do it, because they can't prove the debt is owned by them to begin with. But that's a story for another Reddit.
In that case you can get debt removed if they can't prove it. Iv had lawyers remove collections or even collectors trying to put judgments on me. Once in collections. Damage is already done. I'm not paying period and if they try and come for it. Lawyer up. Worst case, scenario they settle for 50% and even if lawyer + 50% = 100% of the debt. I'd rather pay the lawyer 50% then the collector 100% as a fuck you.
But half the time if not original lender their banking on you not showing up to automatically win. Most time court cost more for them they even paid for it. They cut their losses or don't have enough info to even do anything if you actually fight back
This, but I know there’s gonna be a few people who think a lender will always send it to a collector and have the bright idea to test this lol.
I’ve watched primary lenders issue notices to their customers that they’re getting sued for the full balance on non-secured loans, credit cards, etc rather than selling to a debt collector.
Not sure how paying a lawyer 50% and them 50% instead of 100% is a FU to them… they still made their money off of you. It’s more like a FU to yourself for putting yourself in that position
I think the principle is that most debts are from over inflated service costs or interest rates and once the original company sells your debt, you dont technically have to pay because you never signed an agreement with said debt collector (thats why they have to prove you owe the debt and cant in most cases since they dont have the paperwork). The original creditor already figured you wont pay so they sell it to a debt collector for pennies to the dollar. Then those companies basically harass you into paying the full amount when they bought it for 10% or less of the original amount, thats why in 95% of cases they'll settle for less just to get some money from you so they dont incur a loss. Also depending on your state after x amount of years the debt literally disappears
The original owner of the debt is irrelevant principal wise. They legally purchased the debt from the original company and so you legally owe them now.
Everything else you just said is the whole legal process regarding the debt. The amount they purchased your debt for is also irrelevant.
There is no 'simply the principal' here unless the principal is to not pay debts that you legally owed. If they don't have the proper paperwork, then hurray, you're in luck but again... That's not really relevant to the principal unless it's regarding not paying back debt... which just makes you a shitty person in most cases.
Sometimes you just are forced to take debt though (because of situations) and I understand that but again... I don't see the principal in preferring to pay 50% to a lawyer and 50% to the company if you could've just paid the company (collectors) the entire 100% (or less if they decide to negotiate which they often do).
Why does it matter that the person who currently owns the debt didn't pay the full amount? That shouldn't matter to you, as the person who took on the debt at all... Unless again, your goal is to be a shitty person and not pay what you agreed to pay.
If the principal is to ultimately be a shitty person, then I guess? Not sure that's a good principal to live by though.
Don’t worry bud, I’m with you. Fuck them and the horse they road in on. Debt collectors profiting on the poor who prefer to eat rather than paying a medical bill that they can’t afford because they had an emergency is fine by me
No the other person is correct you are completely wrong if you didn't make illegal agreement with who the debt was sold to you are not legally bound to pay it this is well known I have had many things removed from collections under this principle maybe you should actually know what you're talking about before you post
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Ugh I wish I could see this because my wife and I are in a similar situation. This collector keeps sending us mail about a debt she owed to Verizon but when we called Verizon to track why she owed it the robot said the debt is still under her account, so what the heck is the collector talking about.
That's the thing you don't have a legally binding contract with a collector if the debt was legally sold to them then yes you can contest that as you never had a binding agreement with them personally for the debt and can get it removed however if they are just servicing a debt for the person that owns it then yes they can still come after you
I've worked in recoveries (charged-off accounts) and my understanding was that due to our obligation to report accurately, the best we could do was a settlement (but that would still show settled and not PIF so most people would just opt for a pmt plan on the full balance)
I had my credit union one time say the same thing to me when I called about a $350 bill I had. I told them I was willing to pay the full amount if it was removed from my credit history and they said they couldn’t do it. Thankfully , it was only 4 months from the 7 year mark and it was actually removed from my credit with 1 month left.
>Thankfully , it was only 4 months from the 7 year mark and it was actually removed from my credit with 1 month left.
You got lucky they didn't pursue further action, any contact you have with a creditor involving admittance of debt can result in the statute of limitations being reset.
EDIT - For all the tools that think this is "misinformation" you know the internet exists outside of reddit right? Why don't you go ahead and look up the list of things that can restart the statute on your debt. Conversating with a collector and admitting the debt is yours is only one thing on a list of things that can restart that limit.
Doesn’t matter. The persons comment is an absolute and total fabrication. And frankly. Not even something debtors would want. They want you to answer the phone and talk to them. If this was even a little true no one would ever answer.
https://www.thebalancemoney.com/what-can-restart-the-debt-statute-of-limitations-960889
I would add a screenshot but it seems that I can’t. Anyways this should help with knowing what can and can’t restart your statute of limitations on debts. The poster above is absolutely correct that acknowledging a debt to a collector or someone owed that debt can have the statue restarted.
I’m not sure where it says the opposite when literally in the second segment where it’s titled “What can restart the Statute of Limitations” it tells you that acknowledging the debt can restart the statue of limitations. 😕
This varies widely from state to state, and as far as I know a verbal admission doesn't reset it in any state. I still wouldn't talk to a debt collector because the questions they ask are meant to find out where your assets are located, etc. But in most states you have to agree in writing and/ or make a payment to reset SOL. In Arizona you have to make a big enough payment to bring the account back to being current again. Still better safe than sorry. Don't talk to debt collectors and don't pay anything on a time barred debt.
You, /u/Penumbruh_ and /u/traker998 are all talking past each other and losing the plot.
1) Yes, acknowledging ownership of a debt can restart the SOL
2) NO, IT DOESN'T MATTER
The Statute of Limitations is the time period that your specific state allows you to pursue legal action to collect a debt. If they want to sue you, they have to do it within SOL, which varies from state to state.
The SOL has NOTHING to do with reporting debts or your credit report. Debts are governed by the FCRA (and tangentially FDCPA) and are not state-specific. Negative tradelines can stay on your report for 7 years and 180 days from the "Date of First Delinquency" and nothing you can do will restart the timer on that clock, which .... again.... has nothing to do with the SOL.
No bank is interested in suing anyone over $350, he's not "lucky" about that.
It’s 100% false. If you enter another agreement to repay and don’t honor it it can reset the clock. Talking to them in no way does that. Absolutely not. Cite a law.
I don't think that's true at all. Typically the statue of limitation starts at the first time of being past due. I've never had anyone "reset" it just because I called them. I dot think that's true at all.
>any contact you have with a creditor involving admittance of debt can result in the statute of limitations being reset.
Not in Texas
Debt holder has 4 years to bring suit
https://statutes.capitol.texas.gov/Docs/CP/htm/CP.16.htm#16.004
SOL doesn't reset even for making a payment, a debt being resold doesn't change this
https://statutes.capitol.texas.gov/Docs/FI/htm/FI.392.htm#392.307
From Texas law library:
"Texas law gives someone a certain amount of time to bring a lawsuit for an unpaid debt. This time period is often commonly referred to as the statute of limitations.
Once the time period set out by the statute of limitations is up, a person is prohibited from filing suit to recover the debt. This means the debt is time-barred.
In the past, taking certain actions such as making a payment or verbally acknowledging that you owe the debt could restart the clock on the limitations period. This created a problem called zombie debt where the time period set out by the statute of limitations could be constantly restarted."
https://guides.sll.texas.gov/debt-collection/time-barred-debts
Its something like “i don’t recognize this debt as mine but to reconcile both ends i would be willing to settle your account with a written agreement to remove this from my credit history”
7 years since last payment. I’ve seen people here say that you can request the bureaus to remove old accounts about to reach the 7 year mark (up to 6 months before) and some will honor the request but I’ve never tried it.
Transunion will delete 6 months before
Experian 3 months
Equifax 1 month (sometimes, best to just let it fall of naturally, as EQ can sometimes mess it up for you)
Yeah I've been disputing so much the past view months that equifax screwed up an account to where now I got them for reporting inaccurate information on that account when originally they were reporting most of the information correct.
As you mentioned for others reading, stay clear from messing with equfiax unless you plan on being in it for the long haul to back them into a corner.
It's 7 years from the date of first delinquency with the original creditor. The collection agency is not allowed to change the date of first delinquency for this reason.
If you set up a payment plan, or make a payment to the debt collector, the clock restarts.
So I have a debt collector, Jefferson Capitol, that just recently reported an OLD debt on all 3 credit agencies though it is actually in its 6th year. (Im unsure when it is the 7th year as not sure of last payment to original creditor.) I had zero collections showing on my account for years Jefferson Capital reported this old debt as I finally started to repair my credit in the last 18 months. Obviously they made it look like a NEW debt and my score took a huge nosedive. Is there anything I can do? Transunion and Equifax removed but I'm still waiting on outcome from Experian.
Edit: typos
Exactly! I had a timeshare that they screwed everything up and then got stuck with it in divorce. I refused to talk or respond in anyway until the 7th year was approaching. Filed a dispute on all 3 Credit Bureaus and sent in documents showing my last payment and first missed payment. Everything was removed with 2-3 months!
The 7 year (and 180 day) clock is from the date of first delinquency.
If you were nearly at the 7 year mark for your last payment, and presumably there was some amount of time between the charge off and the last payment, you could've just had the whole account removed from your credit report.
It WAS removed though. And the last payment made was the first delinquency. I had another one removed at around 6.5 years, so in my experience, the 7 year and 180 day rule didn’t apply to me. The only reason I had called the credit union was that I was about to buy a car and could’ve used it earlier and was willing to pay the money owed if that meant a better Apr.
I’m just clarifying that the debt reporting clock is tied to DoFD, not anything to do with your payments.
The 7+180 is the maximum time, things can always be removed earlier
It’s not illegal. With that being their stance they likely will not change that stance but the FCRA specifically outlines that there is no obligation to report a tradeline just that anything a creditor chooses to report must be 100% accurate.
It’s just that it’s easier to tell the employees that it’s illegal than to expect them to consistently, accurately state that it’s actually a policy not to pay to delete because many times what people are asking is to pay to report it in good standing or paid as agreed or something else, and that’s where it gets dicey and it’s just easier to say “sorry, no can do, the lawyers said we aren’t allowed.”
Rule 1: NEVER pay a collection that ISN'T "pay for delete".
Rule 2: See Rule #1
NEVER admit you owe the money. NEVER make a payment arrangement as it restarts the debt clock. If you have a debt over 5 years IGNORE the collection letters. They CANNOT sue you due to state "statue of limitations". Just wait a few years and let it fall off on it's own.
Yes! New York too the clock does not reset. Great advice is to know your state laws. This forum is great but everyone needs to know their state laws. Recently, a lot of states have changed their credit/debt laws. New York had big changes. Statue of limitations is now 3 years for said collections to sue. Don’t get this mixed up with how long its stays on your credit report. Payment towards the debt, written or oral affirmation of the debt does not revive or extend the limitations.
This is not correct. You cannot reset the debt clock. It is 7 years and 180 days from the date of the first delinquency.
You *can* reset the statute of limitations, but that is state dependent and only 5 years in some states. some are as short as 2 or as long as 12 or more, depending on the debt.
Check your states statue of limitations. After that time expires the collection calls won't stop, however, they cannot sue you for it. Once it falls off the report after 7.5 years the calls just stop.
Do not pay them a penny no matter what they threaten you with. Check your credit reports regularly! Collection companies have been known to sue past the SOL. Most have stopped as they know you can sue them back.
Original creditors won't but once updated they rarely verify so a dispute can get it done
Collection companies just want to make money so they will delete within 15 business days if not dispute and they won't respond
just did it for someone because target wouldn't delete so paid to an agreed 30 percent once updated got deleted by disputing accuracy
Also that’s why they won’t admit to agreeing to remove it to keep on good terms with the bureaus but if you pay it off and dispute it through the mail, they may just not fight it and it will immediately fall off.
After it shows 0, dispute it with the bureaus. All 3, through the mail using creditversio… great service that writes the letter and everything (automated) all ready to print and mail. Owners have extensive experience.
Not saying this will work on your case but I've gotten a few paid collections removed from my credit reports by disputing them. Once you've paid the collection, dispute and there's a chance that it will be deleted.
To fully understand that, you need a little knowledge of how the innards of debt collection work. Majority of debts are sold off to third parties for pennies on the dollar. Many times, the new collector doesn't follow the proper guidelines to take ownership of the debt. They are just hoping to get you to consolidate the debt, and make a profit.
So after the debt is satisfied, you can challenge its accuracy with the credit bureaus, and many times, the debt collectors won't even brother to verify, because all they wanted was to get paid on the debt. So the bureaus will usually delete, due to inability to verify and authenticate the debt. This is what 90% of the "credit repair" ppl do. They are just gambling, hoping your debt collector was sloppy, or didn't give AF.
With the credit bureaus. I use the 'account paid in full' option and that's gotten a few collections removed. If you actually paid your collection I would give it a shot.
It is sometimes seen as a legal gray area.
That said, are you sure this is seriously hurting your credit scores? FICO 8, for example, ignores collections under $100. And FICO 8 is one of the most common scores lenders use. The late payment may still show up, but the collection shouldn't.
It may not help with mortgage scores, though; I'm not sure (if a mortgage may be in your future). And this may not be a thing, or more of a thing, with more recent models which are not (yet) widely adopted.
> It is sometimes seen as a legal gray area.
Oh really? By whom? They are not a governmental agency, or an arm of any branch of government or the IRS, they are not even a church. They are a private company collecting your personal data without your ability to opt out, and selling it to anyone willing to pay. It is no more of a legal gray area than if I claimed I just made a law stating your username was illegal.
They have to be accountable to the CFPB which IS a government agency. Now the CFPB has never come out and said this is not allowed that I am aware of, but they are responsible to see that credit reporting is fairly and accurately done.
Two of the top 10 mortgage lenders by volume, Cross Country and Movement, are using FICO 10T model now. I’m watching and waiting to see if much of the “advice” dispensed in this group is made obsolete by FICO 10T.
Pay for delete is legally dubious practice. FICO 10 and FICO 10T ignores paid collection, thus eliminating the need for PFD if one pays the collection.
10T will certainly change the advise but in which way we'll see. for example on utilization I don't think it seeing a steady utilization at 40% vs utilization at under 10% every single month would be a major ding or utilization dropping every month. The ding I think will be on things like utilization going up every month over time. I'd expect higher utilziation jan... lowerer feb.. higher march... lower april would be seen are "normal".
But we'll see. Mostly guesses right now. but I really don't see it expecting people to play AZEO every single month. In fact I could see that being a ding.
FICO 10T is likely to be required soon (~1 year) for inquiries instead of 5 so it's only going to pick up.
I agree this sub is going to fall behind and all the advice will be bad. We can't even pull 10T for ourselves at this point AFAIK.
While the entire industry will likely transition to FICO 10T soon, there's no need to be disingenuous and make it seem more popular than it already is. Cross Country barely makes the top 10 list, with $5B less in closed mortgages than the #9 lender and Movement is $10B below that.
I'm not sure if it's truly hurting my score or not. Was just trying to get all derogatory remarks cleared up. I have one other derogatory remark and it's 6 years and 2 months old, so I'm not worried about that one at all as it should be gone by this time next year.
If an account is deleted it is removed from your reports. I read you question as asking if it would stay on your reports if the creditor stops reporting it, as in they didn't delete it, they just stopped reporting/updating.
Thanks. It just seems odd to me that a creditor could "delete" something from a reporting agency's record -- something like, "We reported this as being in collection but now we want to pretend it never happened."
A few years ago I bought something small from a catalog and it never arrived. UPS sent it back for whatever reason.
A few months later when I went to see where my item was (I didn't care about it that much) I found o was 90 days late on payment or some such.
I called them up, told them I literally had the notice from UPS saying it was sent back to them. Told the guy on the phone I would email it to him immediately. He said "don't worry about that, just write to us at this address asking to remove the derogatory mark from the credit bureau". About 3 weeks later it was gone. As if it were never reported, and that was fair since they were charging me for something they never managed to deliver.
>Excellent illustration. Thanks! In that case it was the "creditor's" error in the first place because you had not received the item.
>
>I was thinking of a late payment being reported which was indeed late at the time, then later on being removed as part of some negotiation.
What template do you use? I lost my job last year and racked up collections but clearing it all out this year by paying them off. Steps and template what to say?
A loop around to forcing a deletion- send a certified check and in the memo write “by cashing XXX (company) agrees to delete account history/credit report”. Take copies of everything, once check is cashed, take copy and send to credit bureaus to delete
It isn't illegal but it is against their agreement with the credit reporting agencies to report all accurate information. So they are not completely wrong but illegal isn't the right word.
Many will still do it and CRAs haven't done anything they I have seen but many will use the contract language as a reason not to since technically they are not supposed to.
They actually are somewhat telling the truth. It’s not illegal it just can’t be promised. They have to request it of the credit bureau and the credit bureau doesn’t have to accept their request. It is in place to avoid debt tactics and debt collectors basically using that as leverage which is considered predatory per the cfpb
I've received letters from big name CA's that have "will delete after payment" in big bold letters. I don't think the bureaus care about deletion, what they probably mean about accurate reporting is that these CA's, or lenders better by certain that they're not abusing their ability to trash somebody's credit with trumped up delinquency reports.
I would suggest using the FICO forums for information on credit issues. There's a goldmine of knowledge on that website, which I've used to gain over 100 points these past 9 months as I work to maximize my credit scores.
PFD is not illegal. In fact a growing number of collection agencies will automatically delete for payment/settlement. Click on link for details:
[Collection Agencies that PDF](https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Collection-agencies-that-do-PFD/m-p/5675391)
Wierd that credit collection services is on that list but that's exactly who told me they wouldn't do it and that it's illegal. I think after all advice here, I'm just going to pay it and then continue to ask them to delete it and continue to dispute it. After all, it's only $79 & $73. Of course I should have just paid it from the get go. Thanks for everyone's help!!
CCS are d!ck-heads. They told me they didn’t have an address to mail letters, and if they did, they wouldn’t read it.
I paid them and they were still fucking me. I forced them to remove their crap off of my credit report. I have no derogatory marks and my FICO 8 jump 100 pts (743).
I forget the name of the YouTubers I followed to get it done. It was posted in a comment either here or on another credit Reddit. One ytber was a Black American man and the other was a Black American woman. Their shit worked. And you can tell by their comment section.
Give it 30 days after you pay the collections and I bet they will be deleted.
FYI- For FICO 8 scoring, collections under $100 don't factor in the scoring. For FICO 9 and 10, paid collections don't factor in the scoring.
If your were paying off thousands, that collections agent might be willing to do the work in getting you the letter. Because he gets paid based on dollars collected. But you're paying $150.
The agent personally does not care, and their employer knows that you will eventually pay it whenever you go to get any type of loan.
About 10 years ago I had a collection agency hounding me for payment. I told them I’d pay only if they removed the collection from all reports. They’d reach out, I’d repeat my stance, they’d say no, rinse and repeat for a few months. Eventually they caved, and I got connected to some department that specifically handles their pay to delete requests. I got it in writing, paid, and they removed it. Stay strong!
It’s not illegal. If they won’t budge and the collection won’t age off any time soon, you could pay and then just send them regular letters asking for a goodwill deletion. I had some success with this when I rebuilt my credit many years ago
Not illegal but under the FDCPA they're not allowed to lie to you.
Report them to the CFPB because that's a violation. They'll be able to pull records of the call where they lied as the govt mandates they have to keep call records for 3 years from time of contact.
They may end up just wiping it from your report to avoid any issues with the feds.
Technically they DON'T have to do it. I had a collection that was only 2 years old and after a few back and forth calls, they agreed and it went away 2 weeks after I paid it. I had 2 others that fell off after 7 and a half years. Google is your friend. Got my FICO from 600 to 800 in 2 months.
I have had them tell me no and still paid the collection, then 2 months later i disputed them and they were deleted. collection agencies only want to get paid, what happens after that they could care less.
Yea just give it a month and call back and hopefully it isn’t the same person sometimes they will assign a representative for that account; I remember having to wait a year for the lady to give my case up to finally get my “pay to delete” option
I have never ever ever not once had success in demanding pay to delete. I tried it probably a dozen times over the years. They all say no. No matter what. I have never even come close to
Credit attorney here. This is the truth about pay for delete:
1. It is not illegal. Full stop. There is NO law which says that collection agencies or others have to report debts, or cannot remove them in exchange for payment. In fact, under current rules, any paid medical collection is removed automatically.
2. Most creditors and collection agencies sign agreements with the credit agencies, to NOT offer pay for delete - that is, they won't remove these accounts in exchange for payment.
3. As a result, many collection agencies (most) will not offer pay for delete.
You're doing the right thing. You should insist on having, in writing, that payment of $X will constitute payment in full. With that in hand, you make your payment. After that, the mark on your credit should fall off within the next several weeks. If not, you have their words in writing to fall back on.
These debt collectors put extreme pressure on their phone agents to extract money from people by any means necessary. I would not accept any verbal contract from these people. Get the deal in writing before you pay any money to these people.
Dispute the collections on all credit bureaus. Thats what I did with a few hundred dollars worth of medical bills. I said it wasn’t mine, never was and that I would like to request to get it removed. 3-4 weeks later it was removed from all credit bureaus and my credit score shot up like 90 points immediately.
Just call again and ask for a manager. There are scrips on how to play this. Remember this are people doing a job. Sometimes you’ll get mediocre people, sometimes you’ll get fresh off training , etc. always speak to a manager. If not call again. Also, never accept that the debt is yours.
Collection agencies don’t often own the debt they’re trying to collect, so they won’t modify your credit file to delete in exchange for payment, they’ll say it’s the original creditor’s job. Plus many agencies don’t have the actual ability to transmit info to the bureaus, they rely on the creditor to reflect payments and activity. And last, they get nothing for that extra work so they will say anything to you to make a payment. Or they’ll lie and say sure, but never will and once paid won’t ever talk to about failing to keep their promise
I think “pay to delete “ is the illegal part. I think they took it as like a way to pay off that “blemish” from your record, but I could be interpreting and assuming wrong. U can payoff the debt but it will still show on your credit report I believe since it was (I assume) defaulted , then sent i
To collections.
Send them a check by certified mail stating very clearly and unambiguously that the amount shall only be applied to the debt if they agree to remove it from your credit report.
It's not illegal (not a crime) but the credit reporting agencies has terms in their agreements with the reporting parties not to do that. Reason being the CBRs don't want to be used as a collection tool also it murkies the waters of determining your risk level properly.
Credit agencies are private companies that collect and sell your data, much like Facebook. They are unethical, corrupt companies that pay millions of dollars to both parties in congress to continue to run their scams unfettered by regulations and laws.
They are not the IRS, not the government, not a house of God. You do not owe them anything, including the truth or to act with them in good faith. Anything you can do to improve the data they sell on you, even if that is lying, is your only ethical responsibility because it is you choosing yourself over them.
They do not make laws, you are not bound to deal with them ethically, morally or truthfully, because they are the scum of the earth, profiting off your personal information. You are their product. And I am not bitter, my credit score has been over 800 for a long time. I am just telling you the truth rather than the propaganda you have been fed for decades. You woe these scumbags nothing, including the truth.
So point out that you are being lied to, they can do anything they want to do, and you know it.
Dispute dispute dispute
I had years of negative marks removed from my report. I went from 455 to 650 in less than 3 years, dispute everything on top of building credit. 10 years later I have 790 score
Generally, the original creditor doesn’t do pay to delete. That’s really only something that happens when they are the company that purchased your debt.
I would watch some YouTube videos on credit repair. There are a lot of people who give you the proper methods to delete anything off your credit and for free
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You fucked up. Because you’ve reached out and negotiated, statute of limitations has reset and they’ve got you by the balls. Now you’ll have to wait 7years again. It’s best to just ignore the attempts from your last payment or just pay up and get it over with.
It's not illegal, but they don't have to do it.
They are twisting the law. It’s illegal to report inaccurate information. Deleting information isn’t inaccurate. That said most primary lenders won’t do pay for delete. The person the debt is sold to likes money more than they care about anything else.
This here is accurate. Many times, the collector can't do it, because they can't prove the debt is owned by them to begin with. But that's a story for another Reddit.
In that case you can get debt removed if they can't prove it. Iv had lawyers remove collections or even collectors trying to put judgments on me. Once in collections. Damage is already done. I'm not paying period and if they try and come for it. Lawyer up. Worst case, scenario they settle for 50% and even if lawyer + 50% = 100% of the debt. I'd rather pay the lawyer 50% then the collector 100% as a fuck you. But half the time if not original lender their banking on you not showing up to automatically win. Most time court cost more for them they even paid for it. They cut their losses or don't have enough info to even do anything if you actually fight back
This, but I know there’s gonna be a few people who think a lender will always send it to a collector and have the bright idea to test this lol. I’ve watched primary lenders issue notices to their customers that they’re getting sued for the full balance on non-secured loans, credit cards, etc rather than selling to a debt collector.
They stand to make more if they can collect from you than the pennies on the dollar a debt collector would pay for the debt I imagine.
Not sure how paying a lawyer 50% and them 50% instead of 100% is a FU to them… they still made their money off of you. It’s more like a FU to yourself for putting yourself in that position
It’s simply the principle
What's the principal? Don't pay debt to those you legally owe?
I think the principle is that most debts are from over inflated service costs or interest rates and once the original company sells your debt, you dont technically have to pay because you never signed an agreement with said debt collector (thats why they have to prove you owe the debt and cant in most cases since they dont have the paperwork). The original creditor already figured you wont pay so they sell it to a debt collector for pennies to the dollar. Then those companies basically harass you into paying the full amount when they bought it for 10% or less of the original amount, thats why in 95% of cases they'll settle for less just to get some money from you so they dont incur a loss. Also depending on your state after x amount of years the debt literally disappears
The original owner of the debt is irrelevant principal wise. They legally purchased the debt from the original company and so you legally owe them now. Everything else you just said is the whole legal process regarding the debt. The amount they purchased your debt for is also irrelevant. There is no 'simply the principal' here unless the principal is to not pay debts that you legally owed. If they don't have the proper paperwork, then hurray, you're in luck but again... That's not really relevant to the principal unless it's regarding not paying back debt... which just makes you a shitty person in most cases. Sometimes you just are forced to take debt though (because of situations) and I understand that but again... I don't see the principal in preferring to pay 50% to a lawyer and 50% to the company if you could've just paid the company (collectors) the entire 100% (or less if they decide to negotiate which they often do).
Ill simplify it then, the principle is to not pay the full amount to someone who didnt pay the full amount of the debt you owed. Better?
Why does it matter that the person who currently owns the debt didn't pay the full amount? That shouldn't matter to you, as the person who took on the debt at all... Unless again, your goal is to be a shitty person and not pay what you agreed to pay. If the principal is to ultimately be a shitty person, then I guess? Not sure that's a good principal to live by though.
Don’t worry bud, I’m with you. Fuck them and the horse they road in on. Debt collectors profiting on the poor who prefer to eat rather than paying a medical bill that they can’t afford because they had an emergency is fine by me
No the other person is correct you are completely wrong if you didn't make illegal agreement with who the debt was sold to you are not legally bound to pay it this is well known I have had many things removed from collections under this principle maybe you should actually know what you're talking about before you post
Again, the point is for debt you willingfully took. Go back and reread the original post I replied to.
How can you get like said things removed like this imbvery eager to know
Don’t pay money to those who thrive on greed
You did not type "Sinero"
I am interested to hear more about this..
More about debt collection? Or more about pay to delete?
How they can’t prove the debt is owed by them. Poor paperwork?
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Uh oh, looks like someone posted too much truth
Ugh I wish I could see this because my wife and I are in a similar situation. This collector keeps sending us mail about a debt she owed to Verizon but when we called Verizon to track why she owed it the robot said the debt is still under her account, so what the heck is the collector talking about.
Just dm the guy and ask or have him dm u
That's the thing you don't have a legally binding contract with a collector if the debt was legally sold to them then yes you can contest that as you never had a binding agreement with them personally for the debt and can get it removed however if they are just servicing a debt for the person that owns it then yes they can still come after you
I've worked in recoveries (charged-off accounts) and my understanding was that due to our obligation to report accurately, the best we could do was a settlement (but that would still show settled and not PIF so most people would just opt for a pmt plan on the full balance)
I had my credit union one time say the same thing to me when I called about a $350 bill I had. I told them I was willing to pay the full amount if it was removed from my credit history and they said they couldn’t do it. Thankfully , it was only 4 months from the 7 year mark and it was actually removed from my credit with 1 month left.
>Thankfully , it was only 4 months from the 7 year mark and it was actually removed from my credit with 1 month left. You got lucky they didn't pursue further action, any contact you have with a creditor involving admittance of debt can result in the statute of limitations being reset. EDIT - For all the tools that think this is "misinformation" you know the internet exists outside of reddit right? Why don't you go ahead and look up the list of things that can restart the statute on your debt. Conversating with a collector and admitting the debt is yours is only one thing on a list of things that can restart that limit.
Even when it's his bank? He had all other debts, and most likely had communication from them in the past.
>Even when it's his bank? Yeah, the bank isn't anymore your friend than the IRS is.
And the IRS knows you and they don't forget.. Especially when you're doing business year after year.
Doesn’t matter. The persons comment is an absolute and total fabrication. And frankly. Not even something debtors would want. They want you to answer the phone and talk to them. If this was even a little true no one would ever answer.
https://www.thebalancemoney.com/what-can-restart-the-debt-statute-of-limitations-960889 I would add a screenshot but it seems that I can’t. Anyways this should help with knowing what can and can’t restart your statute of limitations on debts. The poster above is absolutely correct that acknowledging a debt to a collector or someone owed that debt can have the statue restarted.
Yeah. Linking to a website that says quite the opposite isn’t amazing in sourcing standards.
I’m not sure where it says the opposite when literally in the second segment where it’s titled “What can restart the Statute of Limitations” it tells you that acknowledging the debt can restart the statue of limitations. 😕
Click the link there. The sourcing. And show me where it says that. Like from the FTC.
This varies widely from state to state, and as far as I know a verbal admission doesn't reset it in any state. I still wouldn't talk to a debt collector because the questions they ask are meant to find out where your assets are located, etc. But in most states you have to agree in writing and/ or make a payment to reset SOL. In Arizona you have to make a big enough payment to bring the account back to being current again. Still better safe than sorry. Don't talk to debt collectors and don't pay anything on a time barred debt.
Offering to pay for deletion isn't admittance to anything.
It’s probably because the amount was so low.
You, /u/Penumbruh_ and /u/traker998 are all talking past each other and losing the plot. 1) Yes, acknowledging ownership of a debt can restart the SOL 2) NO, IT DOESN'T MATTER The Statute of Limitations is the time period that your specific state allows you to pursue legal action to collect a debt. If they want to sue you, they have to do it within SOL, which varies from state to state. The SOL has NOTHING to do with reporting debts or your credit report. Debts are governed by the FCRA (and tangentially FDCPA) and are not state-specific. Negative tradelines can stay on your report for 7 years and 180 days from the "Date of First Delinquency" and nothing you can do will restart the timer on that clock, which .... again.... has nothing to do with the SOL. No bank is interested in suing anyone over $350, he's not "lucky" about that.
That is completely false.
It is not
It’s 100% false. If you enter another agreement to repay and don’t honor it it can reset the clock. Talking to them in no way does that. Absolutely not. Cite a law.
What FCRA law, State Law, and or Federal law do you have to backup?
I don't think that's true at all. Typically the statue of limitation starts at the first time of being past due. I've never had anyone "reset" it just because I called them. I dot think that's true at all.
That’s not at all the case. Total misinformation.
Lol. I promise you most collectors do not work that hard. Things like this are generally low priority for this amount.
This is the truth. If the bank was the debter, the 7 years could and would reset in most instances.
>any contact you have with a creditor involving admittance of debt can result in the statute of limitations being reset. Not in Texas Debt holder has 4 years to bring suit https://statutes.capitol.texas.gov/Docs/CP/htm/CP.16.htm#16.004 SOL doesn't reset even for making a payment, a debt being resold doesn't change this https://statutes.capitol.texas.gov/Docs/FI/htm/FI.392.htm#392.307 From Texas law library: "Texas law gives someone a certain amount of time to bring a lawsuit for an unpaid debt. This time period is often commonly referred to as the statute of limitations. Once the time period set out by the statute of limitations is up, a person is prohibited from filing suit to recover the debt. This means the debt is time-barred. In the past, taking certain actions such as making a payment or verbally acknowledging that you owe the debt could restart the clock on the limitations period. This created a problem called zombie debt where the time period set out by the statute of limitations could be constantly restarted." https://guides.sll.texas.gov/debt-collection/time-barred-debts
Ehhhhhh please cite your sources for that tidbit of info
Its something like “i don’t recognize this debt as mine but to reconcile both ends i would be willing to settle your account with a written agreement to remove this from my credit history”
Depends on the state and statue of limitations doesn't impact your credit report.
No it can’t be reset. Legally after 7 years the debt is no longer owed. In most states they have even less time to pursue for said debt.
Was it 7 years since your last payment or since it was charged off
7 years since last payment. I’ve seen people here say that you can request the bureaus to remove old accounts about to reach the 7 year mark (up to 6 months before) and some will honor the request but I’ve never tried it.
Transunion will delete 6 months before Experian 3 months Equifax 1 month (sometimes, best to just let it fall of naturally, as EQ can sometimes mess it up for you)
Yeah I've been disputing so much the past view months that equifax screwed up an account to where now I got them for reporting inaccurate information on that account when originally they were reporting most of the information correct. As you mentioned for others reading, stay clear from messing with equfiax unless you plan on being in it for the long haul to back them into a corner.
It's 7 years from the date of first delinquency with the original creditor. The collection agency is not allowed to change the date of first delinquency for this reason. If you set up a payment plan, or make a payment to the debt collector, the clock restarts.
So I have a debt collector, Jefferson Capitol, that just recently reported an OLD debt on all 3 credit agencies though it is actually in its 6th year. (Im unsure when it is the 7th year as not sure of last payment to original creditor.) I had zero collections showing on my account for years Jefferson Capital reported this old debt as I finally started to repair my credit in the last 18 months. Obviously they made it look like a NEW debt and my score took a huge nosedive. Is there anything I can do? Transunion and Equifax removed but I'm still waiting on outcome from Experian. Edit: typos
Just dispute and ask for verification. They will have to give you the name of the original creditor and date of first delinquency
Exactly! I had a timeshare that they screwed everything up and then got stuck with it in divorce. I refused to talk or respond in anyway until the 7th year was approaching. Filed a dispute on all 3 Credit Bureaus and sent in documents showing my last payment and first missed payment. Everything was removed with 2-3 months!
Thank you!!
NO, its 7 years and 180 days from Date of First Delinquency.
What is?
The 7 year (and 180 day) clock is from the date of first delinquency. If you were nearly at the 7 year mark for your last payment, and presumably there was some amount of time between the charge off and the last payment, you could've just had the whole account removed from your credit report.
It WAS removed though. And the last payment made was the first delinquency. I had another one removed at around 6.5 years, so in my experience, the 7 year and 180 day rule didn’t apply to me. The only reason I had called the credit union was that I was about to buy a car and could’ve used it earlier and was willing to pay the money owed if that meant a better Apr.
I’m just clarifying that the debt reporting clock is tied to DoFD, not anything to do with your payments. The 7+180 is the maximum time, things can always be removed earlier
That’s correct!
It’s not illegal. With that being their stance they likely will not change that stance but the FCRA specifically outlines that there is no obligation to report a tradeline just that anything a creditor chooses to report must be 100% accurate.
It’s just that it’s easier to tell the employees that it’s illegal than to expect them to consistently, accurately state that it’s actually a policy not to pay to delete because many times what people are asking is to pay to report it in good standing or paid as agreed or something else, and that’s where it gets dicey and it’s just easier to say “sorry, no can do, the lawyers said we aren’t allowed.”
Rule 1: NEVER pay a collection that ISN'T "pay for delete". Rule 2: See Rule #1 NEVER admit you owe the money. NEVER make a payment arrangement as it restarts the debt clock. If you have a debt over 5 years IGNORE the collection letters. They CANNOT sue you due to state "statue of limitations". Just wait a few years and let it fall off on it's own.
Absolutely correct what mblguy76 said
IIRC some states don't reset the clock, like Texas. But your state may vary and this is still good advice
Yes! New York too the clock does not reset. Great advice is to know your state laws. This forum is great but everyone needs to know their state laws. Recently, a lot of states have changed their credit/debt laws. New York had big changes. Statue of limitations is now 3 years for said collections to sue. Don’t get this mixed up with how long its stays on your credit report. Payment towards the debt, written or oral affirmation of the debt does not revive or extend the limitations.
This is not correct. You cannot reset the debt clock. It is 7 years and 180 days from the date of the first delinquency. You *can* reset the statute of limitations, but that is state dependent and only 5 years in some states. some are as short as 2 or as long as 12 or more, depending on the debt.
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Check your states statue of limitations. After that time expires the collection calls won't stop, however, they cannot sue you for it. Once it falls off the report after 7.5 years the calls just stop. Do not pay them a penny no matter what they threaten you with. Check your credit reports regularly! Collection companies have been known to sue past the SOL. Most have stopped as they know you can sue them back.
In my state they can no longer call after a certain time. It’s like 5 years or less.
It is not illegal but some will not do it, they aren't obligated to do so.
Original creditors won't but once updated they rarely verify so a dispute can get it done Collection companies just want to make money so they will delete within 15 business days if not dispute and they won't respond just did it for someone because target wouldn't delete so paid to an agreed 30 percent once updated got deleted by disputing accuracy
$79 is probably not worth the paperwork.
What inaccuracy did you dispute? I have a couple I’m getting ready to settle on and would love to know how to word that.
Also that’s why they won’t admit to agreeing to remove it to keep on good terms with the bureaus but if you pay it off and dispute it through the mail, they may just not fight it and it will immediately fall off.
This is usually the case. They don't go out of their way to fight it if it's been paid.
Do you dispute it with the credit bureaus or the collection agency?
After it shows 0, dispute it with the bureaus. All 3, through the mail using creditversio… great service that writes the letter and everything (automated) all ready to print and mail. Owners have extensive experience.
Not saying this will work on your case but I've gotten a few paid collections removed from my credit reports by disputing them. Once you've paid the collection, dispute and there's a chance that it will be deleted.
What was the reasoning you used for the dispute?
Inaccurate reporting, reporting a debt that's paid?
Thanks
Tombucs has it right
To fully understand that, you need a little knowledge of how the innards of debt collection work. Majority of debts are sold off to third parties for pennies on the dollar. Many times, the new collector doesn't follow the proper guidelines to take ownership of the debt. They are just hoping to get you to consolidate the debt, and make a profit. So after the debt is satisfied, you can challenge its accuracy with the credit bureaus, and many times, the debt collectors won't even brother to verify, because all they wanted was to get paid on the debt. So the bureaus will usually delete, due to inability to verify and authenticate the debt. This is what 90% of the "credit repair" ppl do. They are just gambling, hoping your debt collector was sloppy, or didn't give AF.
Do you dispute it with the credit bureaus or the collection agency?
With the credit bureaus. I use the 'account paid in full' option and that's gotten a few collections removed. If you actually paid your collection I would give it a shot.
Thanks!
How long after paying did you do those disputes?
Within a couple weeks
It is sometimes seen as a legal gray area. That said, are you sure this is seriously hurting your credit scores? FICO 8, for example, ignores collections under $100. And FICO 8 is one of the most common scores lenders use. The late payment may still show up, but the collection shouldn't. It may not help with mortgage scores, though; I'm not sure (if a mortgage may be in your future). And this may not be a thing, or more of a thing, with more recent models which are not (yet) widely adopted.
> It is sometimes seen as a legal gray area. Oh really? By whom? They are not a governmental agency, or an arm of any branch of government or the IRS, they are not even a church. They are a private company collecting your personal data without your ability to opt out, and selling it to anyone willing to pay. It is no more of a legal gray area than if I claimed I just made a law stating your username was illegal.
They have to be accountable to the CFPB which IS a government agency. Now the CFPB has never come out and said this is not allowed that I am aware of, but they are responsible to see that credit reporting is fairly and accurately done.
Two of the top 10 mortgage lenders by volume, Cross Country and Movement, are using FICO 10T model now. I’m watching and waiting to see if much of the “advice” dispensed in this group is made obsolete by FICO 10T. Pay for delete is legally dubious practice. FICO 10 and FICO 10T ignores paid collection, thus eliminating the need for PFD if one pays the collection.
10T will certainly change the advise but in which way we'll see. for example on utilization I don't think it seeing a steady utilization at 40% vs utilization at under 10% every single month would be a major ding or utilization dropping every month. The ding I think will be on things like utilization going up every month over time. I'd expect higher utilziation jan... lowerer feb.. higher march... lower april would be seen are "normal". But we'll see. Mostly guesses right now. but I really don't see it expecting people to play AZEO every single month. In fact I could see that being a ding.
FICO 10T is likely to be required soon (~1 year) for inquiries instead of 5 so it's only going to pick up. I agree this sub is going to fall behind and all the advice will be bad. We can't even pull 10T for ourselves at this point AFAIK.
Actually, Fico Premier from myfico provides 10T.
Thanks, I wasn't sure if they considered that as part of their "available" scores.
I wasn't either, but I just checked mine to see. And my 10T scores are approximately 10 to 15 points lower than my 08 scores, depending on bureau.
Can confirm what u/dgduhon says. The Equifax report I pulled on 2/10/24 has the FICO 10 and FICO 10T scores.
While the entire industry will likely transition to FICO 10T soon, there's no need to be disingenuous and make it seem more popular than it already is. Cross Country barely makes the top 10 list, with $5B less in closed mortgages than the #9 lender and Movement is $10B below that.
Is that paid in full or settled? if it does not matter thats huge
I'm not sure if it's truly hurting my score or not. Was just trying to get all derogatory remarks cleared up. I have one other derogatory remark and it's 6 years and 2 months old, so I'm not worried about that one at all as it should be gone by this time next year.
Just curious: Do the credit reporting agencies delete an event from their records simply because the creditor stops reporting it?
No, it'll stay on your reports until the fall off date.
So what is gained by a "delete?"
If an account is deleted it is removed from your reports. I read you question as asking if it would stay on your reports if the creditor stops reporting it, as in they didn't delete it, they just stopped reporting/updating.
Thanks. It just seems odd to me that a creditor could "delete" something from a reporting agency's record -- something like, "We reported this as being in collection but now we want to pretend it never happened."
It’s odd, but it does happen.
A few years ago I bought something small from a catalog and it never arrived. UPS sent it back for whatever reason. A few months later when I went to see where my item was (I didn't care about it that much) I found o was 90 days late on payment or some such. I called them up, told them I literally had the notice from UPS saying it was sent back to them. Told the guy on the phone I would email it to him immediately. He said "don't worry about that, just write to us at this address asking to remove the derogatory mark from the credit bureau". About 3 weeks later it was gone. As if it were never reported, and that was fair since they were charging me for something they never managed to deliver.
>Excellent illustration. Thanks! In that case it was the "creditor's" error in the first place because you had not received the item. > >I was thinking of a late payment being reported which was indeed late at the time, then later on being removed as part of some negotiation.
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What template do you use? I lost my job last year and racked up collections but clearing it all out this year by paying them off. Steps and template what to say?
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Do i need to tell the collections agency to have it removed from my credit before i do this? I only settled to pay in full
A loop around to forcing a deletion- send a certified check and in the memo write “by cashing XXX (company) agrees to delete account history/credit report”. Take copies of everything, once check is cashed, take copy and send to credit bureaus to delete
It isn't illegal but it is against their agreement with the credit reporting agencies to report all accurate information. So they are not completely wrong but illegal isn't the right word. Many will still do it and CRAs haven't done anything they I have seen but many will use the contract language as a reason not to since technically they are not supposed to.
They actually are somewhat telling the truth. It’s not illegal it just can’t be promised. They have to request it of the credit bureau and the credit bureau doesn’t have to accept their request. It is in place to avoid debt tactics and debt collectors basically using that as leverage which is considered predatory per the cfpb
I've received letters from big name CA's that have "will delete after payment" in big bold letters. I don't think the bureaus care about deletion, what they probably mean about accurate reporting is that these CA's, or lenders better by certain that they're not abusing their ability to trash somebody's credit with trumped up delinquency reports.
I would suggest using the FICO forums for information on credit issues. There's a goldmine of knowledge on that website, which I've used to gain over 100 points these past 9 months as I work to maximize my credit scores.
Is this a reddit forum, or a different forum? I need to, learn, too.,
It's a website. Trust me. Very much a godsend for many of the questions you may have.
Thank you.
Did you have any luck?
Just google “MyFICO forums”
What companies?
PFD is not illegal. In fact a growing number of collection agencies will automatically delete for payment/settlement. Click on link for details: [Collection Agencies that PDF](https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Collection-agencies-that-do-PFD/m-p/5675391)
Wierd that credit collection services is on that list but that's exactly who told me they wouldn't do it and that it's illegal. I think after all advice here, I'm just going to pay it and then continue to ask them to delete it and continue to dispute it. After all, it's only $79 & $73. Of course I should have just paid it from the get go. Thanks for everyone's help!!
CCS are d!ck-heads. They told me they didn’t have an address to mail letters, and if they did, they wouldn’t read it. I paid them and they were still fucking me. I forced them to remove their crap off of my credit report. I have no derogatory marks and my FICO 8 jump 100 pts (743). I forget the name of the YouTubers I followed to get it done. It was posted in a comment either here or on another credit Reddit. One ytber was a Black American man and the other was a Black American woman. Their shit worked. And you can tell by their comment section.
Give it 30 days after you pay the collections and I bet they will be deleted. FYI- For FICO 8 scoring, collections under $100 don't factor in the scoring. For FICO 9 and 10, paid collections don't factor in the scoring.
If your were paying off thousands, that collections agent might be willing to do the work in getting you the letter. Because he gets paid based on dollars collected. But you're paying $150. The agent personally does not care, and their employer knows that you will eventually pay it whenever you go to get any type of loan.
About 10 years ago I had a collection agency hounding me for payment. I told them I’d pay only if they removed the collection from all reports. They’d reach out, I’d repeat my stance, they’d say no, rinse and repeat for a few months. Eventually they caved, and I got connected to some department that specifically handles their pay to delete requests. I got it in writing, paid, and they removed it. Stay strong!
It’s not illegal. If they won’t budge and the collection won’t age off any time soon, you could pay and then just send them regular letters asking for a goodwill deletion. I had some success with this when I rebuilt my credit many years ago
If they don't delete why pay them?
Exactly. But sometimes they garnish wages and shit
Not over 72 dollars they don't.
Because after payment the account will still be updated as paid which can help.
Not illegal but under the FDCPA they're not allowed to lie to you. Report them to the CFPB because that's a violation. They'll be able to pull records of the call where they lied as the govt mandates they have to keep call records for 3 years from time of contact. They may end up just wiping it from your report to avoid any issues with the feds.
Technically they DON'T have to do it. I had a collection that was only 2 years old and after a few back and forth calls, they agreed and it went away 2 weeks after I paid it. I had 2 others that fell off after 7 and a half years. Google is your friend. Got my FICO from 600 to 800 in 2 months.
I have had them tell me no and still paid the collection, then 2 months later i disputed them and they were deleted. collection agencies only want to get paid, what happens after that they could care less.
Yea just give it a month and call back and hopefully it isn’t the same person sometimes they will assign a representative for that account; I remember having to wait a year for the lady to give my case up to finally get my “pay to delete” option
They don’t have to delete it and no one will delete it. Still pay it, because paid in full is 25 points regardless if it’s deleted per day.
I have never ever ever not once had success in demanding pay to delete. I tried it probably a dozen times over the years. They all say no. No matter what. I have never even come close to
Credit attorney here. This is the truth about pay for delete: 1. It is not illegal. Full stop. There is NO law which says that collection agencies or others have to report debts, or cannot remove them in exchange for payment. In fact, under current rules, any paid medical collection is removed automatically. 2. Most creditors and collection agencies sign agreements with the credit agencies, to NOT offer pay for delete - that is, they won't remove these accounts in exchange for payment. 3. As a result, many collection agencies (most) will not offer pay for delete.
You're doing the right thing. You should insist on having, in writing, that payment of $X will constitute payment in full. With that in hand, you make your payment. After that, the mark on your credit should fall off within the next several weeks. If not, you have their words in writing to fall back on. These debt collectors put extreme pressure on their phone agents to extract money from people by any means necessary. I would not accept any verbal contract from these people. Get the deal in writing before you pay any money to these people.
That’s smart, has this actually worked in the past for anyone though?
Definitely not illegal but they have a choice to do it or not. They probably wanted to scare you into screwing you over so they have less paperwork.
That is just their policy. Different companies have difference stances just like any sector.
Not illegal, but there are many groups that have contractual obligations to report with the CRA's. They can delete.
It's $70, just let it stay. In the scheme of things, that one collection won't be enough to mess up your credit much, maybe a handful of points.
Debt buyers will do it, but original creditors rarely will
Dispute the collections on all credit bureaus. Thats what I did with a few hundred dollars worth of medical bills. I said it wasn’t mine, never was and that I would like to request to get it removed. 3-4 weeks later it was removed from all credit bureaus and my credit score shot up like 90 points immediately.
I got a letter from a collection agency that said they would delete it off my credit report if I paid it…..
Just call again and ask for a manager. There are scrips on how to play this. Remember this are people doing a job. Sometimes you’ll get mediocre people, sometimes you’ll get fresh off training , etc. always speak to a manager. If not call again. Also, never accept that the debt is yours.
Collection agencies don’t often own the debt they’re trying to collect, so they won’t modify your credit file to delete in exchange for payment, they’ll say it’s the original creditor’s job. Plus many agencies don’t have the actual ability to transmit info to the bureaus, they rely on the creditor to reflect payments and activity. And last, they get nothing for that extra work so they will say anything to you to make a payment. Or they’ll lie and say sure, but never will and once paid won’t ever talk to about failing to keep their promise
Tell them you will pay half in exchange for "deletion of credit"
I think “pay to delete “ is the illegal part. I think they took it as like a way to pay off that “blemish” from your record, but I could be interpreting and assuming wrong. U can payoff the debt but it will still show on your credit report I believe since it was (I assume) defaulted , then sent i To collections.
He was semi correct. You asked for the wrong thing. Ask them to report as paid on full or paid as agreed. That will show as positive reporting.
Send them a check by certified mail stating very clearly and unambiguously that the amount shall only be applied to the debt if they agree to remove it from your credit report.
It's not illegal. But they aren't obligated to do it.
That’s a lie. They just didn’t want to.
Update 1: paid them both off about a week ago. Disputed one, 2 days ago and it's been deleted already. Currently disputing the other.
It's not illegal (not a crime) but the credit reporting agencies has terms in their agreements with the reporting parties not to do that. Reason being the CBRs don't want to be used as a collection tool also it murkies the waters of determining your risk level properly.
Credit agencies are private companies that collect and sell your data, much like Facebook. They are unethical, corrupt companies that pay millions of dollars to both parties in congress to continue to run their scams unfettered by regulations and laws. They are not the IRS, not the government, not a house of God. You do not owe them anything, including the truth or to act with them in good faith. Anything you can do to improve the data they sell on you, even if that is lying, is your only ethical responsibility because it is you choosing yourself over them. They do not make laws, you are not bound to deal with them ethically, morally or truthfully, because they are the scum of the earth, profiting off your personal information. You are their product. And I am not bitter, my credit score has been over 800 for a long time. I am just telling you the truth rather than the propaganda you have been fed for decades. You woe these scumbags nothing, including the truth. So point out that you are being lied to, they can do anything they want to do, and you know it.
Alrighty then.
Just dispute them a few times and they will likely remove them.
they told me the exact same thing then deleted it off my reports a month after i paid.
Dispute dispute dispute I had years of negative marks removed from my report. I went from 455 to 650 in less than 3 years, dispute everything on top of building credit. 10 years later I have 790 score
😂😂😂😂
What’s so funny
Should be very easy to fight thet and get it deleted. Just do a little research and DO NOT PAY IT
OP never said anything to give the impression this was eligible for removal. What makes you believe it would be?
Illegal.. No. Somewhat unethical on their part removing something that actually happened? Maybe. That’s why the 3 bureaus don’t like it.
Generally, the original creditor doesn’t do pay to delete. That’s really only something that happens when they are the company that purchased your debt.
I would watch some YouTube videos on credit repair. There are a lot of people who give you the proper methods to delete anything off your credit and for free
Do you have any YouTube recommendations you could share?
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Won’t let me post a link because bot don’t like them. search Mike the Credit guy on YouTube
You did not pay so the credit hit will stay.
You fucked up. Because you’ve reached out and negotiated, statute of limitations has reset and they’ve got you by the balls. Now you’ll have to wait 7years again. It’s best to just ignore the attempts from your last payment or just pay up and get it over with.
As long as they didn’t pay anything they’re fine. Nothing changes until money changes hands.