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

Posted by CardReport.Com on October 27, 2000 at 02:29:21:

In Reply to: Removal of collection agency info from credit report... posted by pecd on October 25, 2000 at 02:00:25:

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.

Read the Collection Agency Frequently Asked Questions FAQ

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