You can settle for less than you owe, or you can tidy up your credit report by paying your entire debt. And occasionally, time just runs out on collection agencies.
Below are some common questions people ask, we have provided these as a reference point.
True or false: An account sent to collection still can be deleted from your credit report.
True. "A deletion is possible, but that doesn't mean all creditors will agree to it", states Hayden Gerson, the President of HPM Financial, a Credit Consulting firm. Be advised that the original creditor and the collection agencies do not synchronize their results. "If you negotiate a deletion for a collection due to a credit card charge off, the charge off will still remain, but the collection will be deleted" states Gerson.
The original creditor can verify to us that the original debt was an error and should not have gone to collection and instruct us to remove both the original account and the collection account, which is what successful negotiation will produce.
Hayden Gerson explains that "the creditor deletion gets rid of the account completely as the bureau no longer reports that it exists" . This, in turn, "helps the credit score because it is like it never happened, where a paid collection means you were not creditworthy in the past."
0 comments:
Post a Comment