What do you know with ‘Pay to Delete Letter’? For you who do not have a credit card yet, may not familiar with it. However, it is a good knowledge for you to keep your credit card free form negative information. Imagine this situation, you have some problem with your credit card like unpaid debt, it is a negative mark from your track record. You have to erase it, haven’t you? Well, the easiest way to clean it is with asking a collection agency. They will help you remove it by paying some or all of the debt. It is called ‘Pay for Delete’ or ‘Pay for Deletion’.
Why do people usually use this way to clean up the mess? Because it is a good and not complicated process to do, all you need just send a letter. It makes the collection agencies can buy your debt for only pennies, usually it is for pennies until dollar.
How to prepare the ‘Pay to Delete’
Yet, before you are trying to send a letter you should know how the collection agencies will remove the negative records. This simple tip will help you choosing the right and faster way to clean the mess.
- First, you must know which collection agency owning the debt. Though, usually the collection agency will contact you, you can see the credit bureau when it does not happen. The credit bureau of course has the list in your report. Or when it does not work, then you can contact the original organization that gives you services or loaned money.
- Second, after you know it then you can send them a letter. It is like a business format letter. You can make a deal with the collection agencies such as: if you can pay some or all of your debt they will remove the negative mark on your credit report. Ask them to make some agreement.
- Last but not least, after your letter is accepted and you and the collection agencies make a deal, you need to keep the letter on file and you need to pay the agreed amount.
Do not worry when you still have negative mark because you can remain them with your agreement. It is why you should keep the letter as a proof. However, when the worst thing happens then you can ask your lawyer or even credit repair agencies. Bravely, it is not hard to write a ‘Pay to Delete’ letter. As example, let see this following ‘Pay to Delete’ letter:
Pay To Delete Letter Example
March 12, 2011
InTown, IN 1233
Account number: xxx-xxx
Original Creditor: Robert Jr.
Amount as Listed on Credit Report: $1200
To Whom It May Concern:
I am writing this letter in order to offer and opportunity to settle the alleged amount owed, in reference to the account listed above.
I am not acknowledging my ability for the aforementioned debt. I also retain my rights to request a debt validation at a future date.
None the less, I am willing to pay off a portion of this account as a demonstration of goodwill under the following condition:
- Your company will delete all references to this account from my credit profile at the three credit bureaus (Experian, Equifax, and TransUnion)
- You will not list this debt as a ‘settled account
- Your company will accept this payment to satisfy the debt in full
- Your company will not attempt to sell or transfer this debt to another creditor
- You will make no mention of this agreement to outside third parties
- If you agree to these terms I will:
- Pay the amount of $1200 via money order or certified cashier’s check.
Please understand that this is not a renewed promise to pay. This is a restricted settlement offer and you must agree to the terms above in order for payment to be made. I require your written agreement to these terms on company letterhead and signed by a representative who is authorized to enter into such agreements.
The terms of this offer will expire after 30 days. I look forward to your prompt and positive response.
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