Has anyone used those “credit repair” agencies?
Question by ceharris81: Has anyone used those “credit repair” agencies?
I just want to no if they work and has anyone tried them. My fiance jus spent 600 dollars to get a collections off his credit report so we can buy a house. I think its a scam and a waste of money but he doesnt. Am I wrong ?
Best answer:
Answer by CatDad
You can’t pay anyone to remove accurate negative info……don’t waste your money.
It is virtually impossible to have a charged-off credit card account deleted from your credit reports because even if the collection agency removes the item from your credit report, the original credit card company will still continue to report the charge-off for the 7 years and you’ll be stuck with bad credit after all the effort.
You may be able to negotiate the complete removal of non credit card debts like defaulted cell, medical, utility bills etc. with a Pay for Delete agreement. This is a written agreement where you get a signed agreement from the debt collector (PRIOR to making any payment) where they offer to remove the negative items from your credit files after an agreed-to amount is paid. They will NOT want to do this….all they want is your money and their commission and they could not care less about your credit rating….Still, you have something they want (money) and that puts you in a position to negotiate on this issue. Example letter:
I am willing to resolve this issue if your firm sends me a written agreement that you will remove all negative notations from my credit report after the agreed-to amount is paid to you. Upon receipt of this letter I will mail you a USPS money order for this amount.
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Again, they are not going to want to do this…if they simply refuse to remove it, then you want to negotiate that they will update your credit report to “Paid in Full.” . You DO NOT want them to put “settled” on your credit report, as that’s a negative factor…..If they refuse to remove the item from your credit report, then be sure to get the lowest, rock bottom settlement you can get…like 25%….Remember, get all terms IN WRITING PRIOR to paying….not after. Never give debt collectors your checking account numbers for payment.
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