IF I PAY OFF A DEBT WITH A COLLECTION AGENCY....?
Mar
20
20
If you can come up with a lump sum payment, you can probably settle the debt for less than the full balance. Depending on how old the debt is, maybe 50% or less. Get any settlement agreement in writing and do not give the collector direct access to your bank account.
You can ask the collection agency for a pay for delete but they can only remove what they report to the credit bureau. The original creditor's charge off will remain if this was a regularly reported item like a credit card. In fact, if the collection agency doesn't remove the item, you won't be able to get the credit bureau to remove the item based on your pay for delete agreement.
you cannot remove the charge unless it was put there in error and even then you you have to ring up the credit agency who will tell you to go to the place that put the msg with them and prove you dont have the account
my missus asked for a loan and my name was given for a check
but it was put down that i had an account with them when in fact i never did
i took at least a month to sort out and was a complete pain in the a$$
hope this helps
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