4 replies to this topic

[cj39]

Hello,

I had a bank account that went into overdraft and was eventually sold off. I would like to ultimately negotiate a "Pay for Delete" and pay what is owed in full. The question I have is whether getting the collection agency to agree to a Pay for Delete would also remove me from ChexSystems. I called the main bank number, and the representative claimed that they no longer had anything to do with the account as it had been sold (although, when I went into a local branch they offered to essentially send the amount to the collection agency); the representative also claimed that the collection agency could remove me from ChexSystems. Am I right in believing that a collection agency really wouldn't be able to do that ? Is there any way to get both the Pay for Delete and the ChexSystems removal, and should I try to deal with the bank or the collection agency ? It seems like at this point I'm limited to the collection agency, so perhaps I already have my answer. Also, if I am able to get the Pay for Delete from the collection agency, can I use that to dispute the ChexSystems report ?

Thank you in advance.

[mca]

Hello,

I had a bank account that went into overdraft and was eventually sold off. I would like to ultimately negotiate a "Pay for Delete" and pay what is owed in full. The question I have is whether getting the collection agency to agree to a Pay for Delete would also remove me from ChexSystems. I called the main bank number, and the representative claimed that they no longer had anything to do with the account as it had been sold (although, when I went into a local branch they offered to essentially send the amount to the collection agency); the representative also claimed that the collection agency could remove me from ChexSystems. Am I right in believing that a collection agency really wouldn't be able to do that ? Is there any way to get both the Pay for Delete and the ChexSystems removal, and should I try to deal with the bank or the collection agency ? It seems like at this point I'm limited to the collection agency, so perhaps I already have my answer. Also, if I am able to get the Pay for Delete from the collection agency, can I use that to dispute the ChexSystems report ?

Thank you in advance.

Collection agencies lie all the time...Many people believe if they pay any debt owed to a reporting bank, that they will then be removed from chexsystems but this is not true.

Many times paying off the reporting bank can cause you to be reported for a longer period of time than you would have been if you had not paid the debt owed. For example: a report that is from 2006 will be removed in 2011. If it is paid the bank can choose to report it 5 years from the date last paid. So for example a debt on a report from 2006 is paid in 2010, the report would not be removed until 2015. This is why I sometimes suggest NOT to pay the debt owed to the reporting bank(s) especially on accounts that are older ones.

I would suggest that you call and ask the bank to have the report removed since the debt has been settled. I am guessing that they won't but it is worth a try.

[cj39]

Hello,

I had a bank account that went into overdraft and was eventually sold off. I would like to ultimately negotiate a "Pay for Delete" and pay what is owed in full. The question I have is whether getting the collection agency to agree to a Pay for Delete would also remove me from ChexSystems. I called the main bank number, and the representative claimed that they no longer had anything to do with the account as it had been sold (although, when I went into a local branch they offered to essentially send the amount to the collection agency); the representative also claimed that the collection agency could remove me from ChexSystems. Am I right in believing that a collection agency really wouldn't be able to do that ? Is there any way to get both the Pay for Delete and the ChexSystems removal, and should I try to deal with the bank or the collection agency ? It seems like at this point I'm limited to the collection agency, so perhaps I already have my answer. Also, if I am able to get the Pay for Delete from the collection agency, can I use that to dispute the ChexSystems report ?

Thank you in advance.

Collection agencies lie all the time...Many people believe if they pay any debt owed to a reporting bank, that they will then be removed from chexsystems but this is not true.

Many times paying off the reporting bank can cause you to be reported for a longer period of time than you would have been if you had not paid the debt owed. For example: a report that is from 2006 will be removed in 2011. If it is paid the bank can choose to report it 5 years from the date last paid. So for example a debt on a report from 2006 is paid in 2010, the report would not be removed until 2015. This is why I sometimes suggest NOT to pay the debt owed to the reporting bank(s) especially on accounts that are older ones.

I would suggest that you call and ask the bank to have the report removed since the debt has been settled. I am guessing that they won't but it is worth a try.

The debt hasn't been settled yet. I'm trying to determine what my approach should be. I've just received a letter from the agency. I would like to pay the full amount. I'm just wondering if the agency would really be able to remove me from ChexSystems.

[mca]

Hello,

I had a bank account that went into overdraft and was eventually sold off. I would like to ultimately negotiate a "Pay for Delete" and pay what is owed in full. The question I have is whether getting the collection agency to agree to a Pay for Delete would also remove me from ChexSystems. I called the main bank number, and the representative claimed that they no longer had anything to do with the account as it had been sold (although, when I went into a local branch they offered to essentially send the amount to the collection agency); the representative also claimed that the collection agency could remove me from ChexSystems. Am I right in believing that a collection agency really wouldn't be able to do that ? Is there any way to get both the Pay for Delete and the ChexSystems removal, and should I try to deal with the bank or the collection agency ? It seems like at this point I'm limited to the collection agency, so perhaps I already have my answer. Also, if I am able to get the Pay for Delete from the collection agency, can I use that to dispute the ChexSystems report ?

Thank you in advance.

Collection agencies lie all the time...Many people believe if they pay any debt owed to a reporting bank, that they will then be removed from chexsystems but this is not true.

Many times paying off the reporting bank can cause you to be reported for a longer period of time than you would have been if you had not paid the debt owed. For example: a report that is from 2006 will be removed in 2011. If it is paid the bank can choose to report it 5 years from the date last paid. So for example a debt on a report from 2006 is paid in 2010, the report would not be removed until 2015. This is why I sometimes suggest NOT to pay the debt owed to the reporting bank(s) especially on accounts that are older ones.

I would suggest that you call and ask the bank to have the report removed since the debt has been settled. I am guessing that they won't but it is worth a try.

The debt hasn't been settled yet. I'm trying to determine what my approach should be. I've just received a letter from the agency. I would like to pay the full amount. I'm just wondering if the agency would really be able to remove me from ChexSystems.

No, only the reporting bank or agency can remove you from chexsystems

[mca]

If you want to be 100% sure make certain to get something from the bank in writing that they will remove you once the debt is settled but I imagine they will deny that request