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Incorrect. Pay it off in full. They will report that to the credit folks and it will be removed.
by goatherders 4y ago
Incorrect. Pay it off in full. They will report that to the credit folks and it will be removed.
- valeness 4y agoThis is patently false. They will remove it if they are feeling particularly jolly when you call and ask. But they are under no obligation to do so and they have denied this action to me before.
- gaadd33 4y agoThey do have to mark it as paid at least under the FCRA if you are in the US.
- parkingrift 4y agoI’ve been in this situation and you can make repayment contingent upon deleting the negative remarks. As in you send me a letter certifying you’ll delete the remark, and I will remit payment. If they refuse then you can just refuse to pay until they relent. Their only alternative is to take you to court or sell to the next collection agency down the line. Creditors and collection agencies won’t take that action except as an absolute last resort.
- FireBeyond 4y agoOne of the challenges with this is that technically the TOS between a creditor and the CRA forbids the practice of "pay for delete". So you may get lucky, but oftentimes, you may not.
- goatherders 4y agoRephrase: my credit was a disaster in my 20's. I paid off dozens of collections accounts in my 30s. All of them were removed. My personal experience has been that it is 100% true that, if paid in full, the item is removed. Better?
- roflyear 4y agoThis is incorrect. They do not have to remove it. They can, if you ask nice, but they do not have to.