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Author: 401klady Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308365  
Subject: Collection Agencies Date: 11/14/2001 4:18 PM
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How likely is it that collection agencies will erase delete my debt off my credit report once I pay it off? Some of the debt is around 5 or 6 years old and I want to pay it off so I can purchase a home.

Does anyone know anything about this. Thanks!
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Author: markalb One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 97783 of 308365
Subject: Re: Collection Agencies Date: 11/14/2001 4:57 PM
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They probably won't delete the collection since it is legitimate, but they should change it's status from "Unpaid Collection" to "Paid Collection" which looks better on your report. Again, they won't delete information if it is legitimate.

--Mark

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Author: ishtarastarte Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 97791 of 308365
Subject: Re: Collection Agencies Date: 11/14/2001 6:05 PM
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How likely is it that collection agencies will erase delete my debt off my credit report once I pay it off? Some of the debt is around 5 or 6 years old and I want to pay it off so I can purchase a home.

They won't delete it unless that's what you negotiated with your creditor. What SHOULD happen is that the balance on your old accounts should go to $0 and or some other way show "paid"

Ishtar



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Author: xtn Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 97803 of 308365
Subject: Re: Collection Agencies Date: 11/14/2001 7:21 PM
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1. A collection agency cannot change an entry created by the original creditor. Whoever placed the negative info into teh record is the only one that has any power over it. If the collection agency entered their own negative info they have power over that entry.

2. Once you figure out who has power over the negative info you have to negotiate with them to remove it. Do this negotiating before you send them any money. Once you have paid them you have no bargaining power with which to negotiate. If you get them to agree, make sure they put it in writing before you pay them. Make sure they send you a written agreement that is very specific. It describe the amount you have to pay, and exactly what they will remove or report differently once they recieve your payment.

xtn


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