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Below is a sample pay for deletion letter. This letter gets sent to the collection agency you wish to make validate the debt. Send this letter CRRR method.
They Told Me There Was Nothing I Could Do About My Very Bad Credit . . . I Proved Them Wrong . . . And I'll Show You Just How I Did It! |
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You may find yourself in a situation where you need to pay a collection account. Maybe you have to for a home loan or perhaps the item is not coming off your report and it is quicker to just pay.
One tactic you should ALWAYS try first is: Pay for Deletion
Basically, you tell the CA that you will pay (in full or a %) in exchange for deleting the item from your credit report. It is a simple form they have to fill out to do it and it is done ALL the time. Some CA's will try to lie and say they can't do it. They are really just saying, they don't want to.
You need to ALWAYS get it in writing. If not, you have no legal ground to stand on. Below is a sample pay for deletion letter. You may need to call the CA and talk to them. Your money is your leverage.
In no case should payment be sent before you have a signed agreement in your hands.
This letter is just an example, you can and should modify it to your desire.
[YOUR NAME and ADDRESS] [CA NAME/ADDRESS]
[DATE]
To Whom It May Concern:
This letter is to inform you that the validity of this debt is disputed. The account number I have is the one listed on my credit report – which omits the last few digits.
Account: 847474XXX
Having consulted with an attorney, I am aware of my legal rights and options against you.
In the spirit of compromise , I am proposing the following offer.
I am willing to send you certified funds in the amount of $XX in exchange for the following:
• Deletion of this account on any reporting agencies it resides on, including but not limited to: Equifax, Experian, and Trans Union.
• The above mentioned action takes place no later than 48 hours from receipt of agreed payment in certified funds.
C. You sending me the UDF verifying the above action was indeed completed via postal mail.
D. The understanding that this debt, while not mine , was satisfied in full.
E. Agree to never discus this account with any party and never report nor cause to be reported this account to any reporting agency including but not limited to: Experian, Equifax and Trans Union.
Certified funds shall be construed as: Money Order, Certified Check, or Cash.
My letter should NOT be construed as an acknowledgement of liability for this debt in any manner.
My offer shall remain open for X business days from certified receipt of this letter.
If you agree to these terms and accept this agreement as laid out, then please send back your approval on your company's letter head. Make sure the letter is signed by a person with the authority to accept said offer and that your letter states the terms of this offer.
Your letter must be postmarked NO LATER than X business days from the date of certified receipt of this letter.
I look forward to your cooperation.
Sincerely,
[NAME]
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