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  1. Last year I had a horrible year and I was unable to pay several credit cards that were business and personal and a SBA loan and I fell several months behind. I owe over $100,000 and will soon have the funds to pay all of my debt off. However, up until last year I had flawless credit, I had never been late on any payments, nor had anything ever sent to collections. In the hard times I fell on as a business owner I had no way to pay on my credit cards and almost 20 years of flawless payment history was lost as I had numerous credit cards I could not make minimum payments on, well over $100,000 in balances and over 10 accounts. I will soon have the funds to pay everything off in full, but I was told that will not delete the collection on my credit report and the damage from them will remain for 7 years unless I obtain a written letter from every bank that guarantees me they will delete the collection from my credit report upon payment in full. I have already had a bank send me a letter that they will settle for 50% of what I owe on the accounts, and I owe over $10,000 on each of the accounts, but I do not want to settle them and have a negative item on my credit report. A negative item on my credit report could cost me a lot in the next 7 years on future business needs as I own my own businesses and need to get my credit fixed. I also read that if I pay the accounts in full and get a delete letter that I can also get the banks to delete the late payments from my credit as a error or glitch. That would be ideal so that I can have my perfect credit again. I will have ample money to pay it all off, but I do not want negative items on my credit report still. I was going to write a letter and mail to each bank and tell them that in return for removing the late payments and collections from my credit report within 15 days of being sent payment for the full balance due, but many of these letters I have found are for settling for less than what is owed. I want to pay what I owe and after I pay them off in full, I want to get the accounts re-opened as many are over 10 years old and I do not want to lose them from my credit profile as strengths. How should I go about doing this? Considering many of the banks already are expecting to get no more than half of what I owe them, and I writing them to offer to pay it in full now, I am guessing that they will agree to my request, but I would like to get the accounts reopened if possible or to report as closed by consumer, not closed by lender, so they report more favorably.
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