Re: Removal of collection agency info from credit report...
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Posted by butch (205.188.196.41) on July 18, 2002 at 00:20:40:
In Reply to: Re: Removal of collection agency info from credit report... posted by CardReport.Com on October 27, 2000 at 02:29:21:
: First, I do *not* recommend ordering a stop-payment : on the check you already sent, as this might possibly : be legally construed as having written a bad check. : Unfortunately, it looks like you have lost your : negotiation leverage with either the collection : agency or the original creditor. : The only parties that can remove an item from your : credit reports are (1.) the company that put it there, : or (2.) the credit bureau, if it determines that : the item was a mistake, and/or cannot be confirmed : when you dispute it. : It is certainly possible that the collection agency : has its own "no negotiated deletions" policy, which : is based on the fact that its contracts for reporting : to the credit bureaus may have similar restrictions. : The item's status will be changed from "Unpaid : Collection" to "Paid Collection," and will be : scheduled to remain on your credit reports until : seven and a half years from the date it became : delinquent (late) with the original creditor. : The original creditor cannot exactly just order the : collection agency to remove the item. If the debtor : pays the creditor directly, then they will withdraw : the item from the collection agency. : After they get the money, the collection agency : and creditor don't care about negotiating anything, : or much about the condition of your credit reports. : The other side of that coin is that, after payment, : a collection agency isn't necessarily going to take : much effort to confirm the item if you later dispute : it with the bureaus. : Good Luck.
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