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"pay for delete"

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  • "pay for delete"

    why are creditors so reluctant to delete negative info from credit report in exchange for payment/settlement of account?
    Comments are not, nor are they intended to be, legal advice. Replies to posts do not creat an attorney-client relationship. You should consult an attorney for advice regarding your individual situation.

  • #2
    Are you asking why they are reluctant to lie for your benefit?
    All information contained in this post is for informational and amusement purposes only.
    Bankruptcy is a process, not an event.......

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    • #3
      i don't see it as "lying" for my benefit; i have read many "credit repair" articles that suggest the possibility of settlemt or payment in exchange for the deletion of the negative info.
      Comments are not, nor are they intended to be, legal advice. Replies to posts do not creat an attorney-client relationship. You should consult an attorney for advice regarding your individual situation.

      Comment


      • #4
        You want credit repair?

        It takes time and paying your bills on time, not the smoke and mirrors.
        All information contained in this post is for informational and amusement purposes only.
        Bankruptcy is a process, not an event.......

        Comment


        • #5
          My understanding (which may be wrong) is that once the account has been settled/paid off/whatever, it will state "paying as agreed" or something along those lines, but will still show the previous deficiency information, such as lateness etc. That part doesn't disappear once the balance is zeroed out.

          My $0.02 only...

          Good luck.
          No person in their right mind files a Ch. 13 with lien strip pro se. I have.Therefore, please consider me insane and clinically certifiable when reading my posts, and DO NOT take them as legal advice of any kind.Thank you.

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          • #6
            It is not lying to omit/delete a tradeline. All the creditors are required to do is report accuracies in an account. They are not required to report anything at all. If you settled or PIF, you should have added that to the contract; they are not required to do it for you either way (but you don't have to accept a settlement either.)

            If they want money badly enough they will work with you. Too bad you have to default for them to take notice.
            First consult: You go now, no CH 7 for you. You spent entire buffet. 13 has a 95 percent payback. (Owwwch) On to next consult....

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            • #7
              Originally posted by frogger View Post
              Are you asking why they are reluctant to lie for your benefit?

              That has got to be one fo the most ill informed postings I have seen on these forums.

              Many people, myself included have been able to successfully negotiate having a negative tradeline removed in exchange for settling said account. It is well worth the try and all they can say is no.

              Comment


              • #8
                Ha! I thought so, too, but just ignored it.
                Comments are not, nor are they intended to be, legal advice. Replies to posts do not creat an attorney-client relationship. You should consult an attorney for advice regarding your individual situation.

                Comment


                • #9
                  Originally posted by Meatstick View Post
                  That has got to be one fo the most ill informed postings I have seen on these forums.
                  I agree. Frogger doesn't have a clue as to what he's talking about.

                  You believe what you will, but I prefer to know what I know.
                  Last edited by frogger; 05-19-2010, 09:11 AM.
                  All information contained in this post is for informational and amusement purposes only.
                  Bankruptcy is a process, not an event.......

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                  • #10
                    Originally posted by frogger View Post
                    i agree. Frogger doesn't have a clue as to what he's talking about.

                    You believe what you will, but i prefer to know what i know.


                    lol
                    "I'm old enough to know better, but too young to care"
                    Filed Chapter 7 January 25th 2010
                    341 Hearing March 4th 2010
                    Discharged May 10th 2010

                    Comment


                    • #11
                      when you settle the account, the status should state "current," but it is coded as "settled for less than full amount." The best way to repair your credit after this is done, is to pay everything else on time. It takes time, but it will slowly get better.
                      Take $10 billion from the government and then sue me...nice

                      Comment


                      • #12
                        Frogger is correct in this sense....

                        Let's assume that the lender agrees to delete after payment. But then doesn't. Guess what, you have no ability to force them to delete. FCRA requires a reporting creditor to provide Accurate and Complete information. To delete, or say paid as agreed, on a settled debt is neither accurate nor complete. So the creditor is agreeing to a contract term (the agreement to delete the account) that in a technical sense violates the law. As a result, that contract term is void. Meaning, you cannot enforce it if they choose not to delete.

                        Also, from a technical perspective, credit reporting is largely automated with only a limited number of categories. From a practical standpoint, as I understand it, the computers won't even let the average rep delete the account and the computer programs that do the reporting do entries based on the status of the account, it is all, mostly, automated.
                        Last edited by HHM; 05-19-2010, 05:30 PM.

                        Comment


                        • #13
                          I wonder if you pressed the issue, and pushed the creditor to delete the tradeline, if the entry of such a clause in any settlement agreement could actually void the settlement agreement?

                          Comment


                          • #14
                            Originally posted by HHM View Post
                            FCRA requires a reporting creditor to provide Accurate and Complete information. To delete, are say paid as agreed, on a settled debt is neither accurate or complete.
                            Bingo!

                            FCRA REQUIRES accurate and complete information.
                            All information contained in this post is for informational and amusement purposes only.
                            Bankruptcy is a process, not an event.......

                            Comment

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