Updating my credit report
A payment for deletion offer letter lets a collector know you are open to paying off a debt that the collection agency says you owe.In exchange, you’re asking for a signed contract indicating they will remove offending negative items such as a credit card collection or debt judgment from your credit report.Keep in mind, while you’re working on the pay for delete process, there might be other legal deadlines to consider, such as the 30-day limit for debt validation.You will want to change the templates below to fit your situation.While I accept no responsibility for ownership of this debt, I’m willing to compromise and offer a significant settlement amount in exchange for your agreement to the following: 1.Your agreement to a full and complete deletion of any past-due references pertaining to this account from all credit bureaus to which you report. Your agreement that this payment constitutes a payment in full, and not a “paid collection” or “settled account.”. Your agreement that you will not attempt to sell or reassign the rights to this account to another third-party debt collection agency after payment has been received.XX via money order or certified cashier’s check (aim for around 40% to 50% of the debt for newer accounts, and 30% to 40% of the debt for older accounts.) Please understand that this is not a renewed promise to pay.
They might be willing to work with you, especially if it means they’re going to get some money.The collector is under no obligation to agree to your terms.Most creditors will tell you that it’s impossible because they don’t want to have to go through the hassle of updating their report to the credit bureaus.Sending a letter is all that’s required and it’s good for collection agencies.Collection agencies typically buy your debt for only pennies on the dollar; less than ten cents for recent debts.
• You will make no mention of this agreement to outside third parties.