Re: Removal of collection agency info from credit report...

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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