If my salary for erasure letters is declined in the amount I am willing to pay, can I continue negotiations and send another letter with a higher offer? In some new credit rating models, such as FICO Score 9, paid collections will not gain as much weight in calculating credit ratings. This may reduce the damage caused by paid collections, but remember that most lenders still use older valuation models that weigh more heavily on collection accounts. In theory, yes. In fact, in the past, it was a negotiating tactic where settlement companies would encourage consumers to pay a higher percentage of the debt owed. You would offer to withdraw the collection account if you agreed to pay a higher percentage of the balance owed. My husband and I went with National Debt Relief to negotiate a smaller amount owed to our debts. We paid the balance on all accounts. Now that these accounts are fully paid, have we lost our ability to negotiate a “pay to delete” with collection agencies? Are there other options for us or do we wait 7 years before negative information falls? Your insight is greatly appreciated. Even if you`re not able to remove a collection, time will reduce the damage it causes to your score, says Sater. For example, he once worked with a couple who had identical credit profiles, except that the husband had 27 collection accounts that were more than 5 years old. His score was only 30 points lower than his wife`s, or about one point for each collection, Sater said. I am prepared to pay [this total debt/$XXX in compensation for this debt], in return for your consent, to withdraw any information regarding these debts from the credit bureaus within ten calendar days of payment.
If you agree to the terms, I will send a certified payment of $XXX to [the collection agency] to have all the information about that debt removed from all my credit files. Most creditors and medical practices wait until the original invoice is outstanding for at least 120 days before handing over the account or selling the account to a collection agency. (And some will wait 180 days.) If this is the case, you do not have recourse since the collection account has been properly declared. So, in the end, you can pay a higher percentage of your credit to pay for the removal just to lose that benefit later. And there is nothing you can do to get it or the extra money you have refunded to the collection agency. Even after a collection account is paid, credit bureaus are legally allowed to report the recovery to the original account for up to seven years from the date of the default, through the Fair Credit Reporting Act.