Contrary to many's belief, Paying an account in collection can remove it from your credit report if negotiated properly.
1. Debt Validation. Is this debt you actually owe or was an error made somewhere along the line. this is in no way saying that you should ignore your debt or an excuse to not pay your debt. The best way to do this is to send a debt validation letter to the creditor to whom the debt is owed. If the creditor responds validating this debt then open dialogue with them regarding an appropriate settlement arrangement. If the creditor is unable to validate the debt then send a letter requesting that the debt be removed from your credit report. This process may need to be repeated several times up to 30 periods. Meanwhile, simultaneously send a Dispute letter to the 3 credit bureaus disputing this debt.
2. Negotiate Removal from your Credit Report.
If the debt is valid, be sure to negotiate a Pay for Delete agreement in writing which will result in the debt being removed from your credit report once it is paid in full or as agreed upon. Any other debt which is invalid needs to be removed. You may request that this be done in writing with a Credit Bureau.
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Why Pay an Account in Collection?
Here's Why:
It will come back to Hunt You. Thinking of buying a house in the future? Mortgage lenders are wary of lending to individual with accounts in collection or bad debt. Better to take care of this now than to wait until it is too late.
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The Writer can be reached by email at: Deana@organikcredit.com
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