Credit Repair

Credit repair question?

I sent a letter to a collection agent and they have sent me a accept letter and i was just needing to know if it would work to dispute with credit agencies if the try to back out i will write below what it says. We recently received your proposed offer to pay the above referenced account. after a thorough review of your account, ___ has made the decision to accept your payment in the amount of $x to clear your derogatory information. upon receipt and posting of the $x to your account the delinquent information will be remove from the credit bureau. Does this sound good my agreement was to delete the account from the credit bureau for payment, i have never done this before and was wanting some opinions and advice also the did not sign there letter but it has the company name on it should i request a signed one are will this work?

Public Comments

1. I don't think it will be deleted. This is historiacal info, like your grades in school. They don't change them after the fact.
2. Based on the above, it sounds like they are going to remove the derogatory information in exchange for a settlement of the account (or a write-down /write-off in credit speak). Be careful though, that it does not appear in your credit history as a settled account /settled collection. Clarify that you want the information removed in totality. The letter indicating this should be signed from the company and call to ensure that the person who signed it, has the authority to offer this deal (and follow through with it) or else, you are going to be right back where you started. I have done similar things myself and things were cleared up nicely (and the verbiage was similar to what you wrote).
3. Ask them to change the wording a little bit and add the credit reporting agencies name.. Here is how I would like to have the letter. We recently received your proposed offer to pay the above referenced account. after a thorough review of your account, ___ has made the decision to accept your payment in the amount of $x to clear your derogatory information. upon receipt and posting of the $x to your account the delinquent information will be remove from the credit bureau including but not limited to Equifax, TransUnion and Experian. The purpose of this settlement is to have this item removed from your credit files. We understand that this is not an acknowledgment of liability for this debt in any way or fashion. You need this "signed" and on official letter head from the company.
4. I agree with Bart M I fixed my credit my self before I bought my condo. What they will say is you paid it but it wil still come up as a collection, and will ding your credit score.
5. Also, you can tell them you want the credit report regarding the account marked as "paid as agreed" and you want any "lates" associated with the account removed. They will do it. Always, always, always get the persons name you spoke to, make reference to your conversation with said person in your letter, and be absolutely sure to get them to sign SOMETHING! Good luck! If you need further assistance, you can email me. I have sample dispute letters you can have.
6. If this debt is a single entry item like cell phone, utilities, and medical bills, the collection agency will be able to delete the whole entry. However, if this is for a regularly reported item like a credit card, the collection agency can only remove their entry. The original creditor's charge off will stay on your file. The wording is fine but I would insist on a signature by an authorized agent of the collection agency before you make payment.
7. The collection agency does have the authority to remove it from your credit bureau report.
8. You should use credit repair agency to bargain it with best way for you, for example this one - http://freecreditreport.sinfree.net They will clean lots of such bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.