"pay for delete"

[wabkatty]

why are creditors so reluctant to delete negative info from credit report in exchange for payment/settlement of account?

[frogger]

Are you asking why they are reluctant to lie for your benefit?

[wabkatty]

i don't see it as "lying" for my benefit; i have read many "credit repair" articles that suggest the possibility of settlemt or payment in exchange for the deletion of the negative info.

[frogger]

You want credit repair?

It takes time and paying your bills on time, not the smoke and mirrors.

[shark66]

My understanding (which may be wrong) is that once the account has been settled/paid off/whatever, it will state "paying as agreed" or something along those lines, but will still show the previous deficiency information, such as lateness etc. That part doesn't disappear once the balance is zeroed out.

My $0.02 only...

Good luck.

[flyinbroke]

It is not lying to omit/delete a tradeline. All the creditors are required to do is report accuracies in an account. They are not required to report anything at all. If you settled or PIF, you should have added that to the contract; they are not required to do it for you either way (but you don't have to accept a settlement either.)

If they want money badly enough they will work with you. Too bad you have to default for them to take notice.

[Meatstick]

Are you asking why they are reluctant to lie for your benefit?

That has got to be one fo the most ill informed postings I have seen on these forums.

Many people, myself included have been able to successfully negotiate having a negative tradeline removed in exchange for settling said account. It is well worth the try and all they can say is no.

[wabkatty]

Ha! I thought so, too, but just ignored it.

[frogger]

That has got to be one fo the most ill informed postings I have seen on these forums.

I agree. Frogger doesn't have a clue as to what he's talking about.

You believe what you will, but I prefer to know what I know.

[Overmylimit]

i agree. Frogger doesn't have a clue as to what he's talking about.

You believe what you will, but i prefer to know what i know.

lol

[jwmc1]

when you settle the account, the status should state "current," but it is coded as "settled for less than full amount." The best way to repair your credit after this is done, is to pay everything else on time. It takes time, but it will slowly get better.

[HHM]

Frogger is correct in this sense....

Let's assume that the lender agrees to delete after payment. But then doesn't. Guess what, you have no ability to force them to delete. FCRA requires a reporting creditor to provide Accurate and Complete information. To delete, or say paid as agreed, on a settled debt is neither accurate nor complete. So the creditor is agreeing to a contract term (the agreement to delete the account) that in a technical sense violates the law. As a result, that contract term is void. Meaning, you cannot enforce it if they choose not to delete.

Also, from a technical perspective, credit reporting is largely automated with only a limited number of categories. From a practical standpoint, as I understand it, the computers won't even let the average rep delete the account and the computer programs that do the reporting do entries based on the status of the account, it is all, mostly, automated.

[tigergem]

I wonder if you pressed the issue, and pushed the creditor to delete the tradeline, if the entry of such a clause in any settlement agreement could actually void the settlement agreement?

[frogger]

FCRA requires a reporting creditor to provide Accurate and Complete information. To delete, are say paid as agreed, on a settled debt is neither accurate or complete.

Bingo!

FCRA REQUIRES accurate and complete information.