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prdrboi

Pay for Deletion

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Correlation does not imply causation.

 

Kudos on the deletion though!

Edited by Agrajag

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Having it reported as closed doesn't help FICOs either. That's not PFD.

the original post asked for a pay for delete example, initially that's what I gave. I showed that the letter has worked for me.

 

 

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Having it reported as closed doesn't help FICOs either. That's not PFD.

the original post asked for a pay for delete example, initially that's what I gave. I showed that the letter has worked for me.

 

 

Sent from my iPhone using Tapatalk

Your letter "worked" for a charge off reporting a balance paid for less than full. That's pretty useless.

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Having it reported as closed doesn't help FICOs either. That's not PFD.

the original post asked for a pay for delete example, initially that's what I gave. I showed that the letter has worked for me.

 

 

Sent from my iPhone using Tapatalk

 

 

I am new to this, so maybe I am missing something?

Doesn't PFD mean it is completely removed from your reports? If you see that on your reports, how is it a PFD?

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Having it reported as closed doesn't help FICOs either. That's not PFD.

the original post asked for a pay for delete example, initially that's what I gave. I showed that the letter has worked for me.

 

 

Sent from my iPhone using Tapatalk

I am new to this, so maybe I am missing something?

Doesn't PFD mean it is completely removed from your reports? If you see that on your reports, how is it a PFD?

that was not my report, that was what changed in my report. It was removed

 

 

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Having it reported as closed doesn't help FICOs either. That's not PFD.

the original post asked for a pay for delete example, initially that's what I gave. I showed that the letter has worked for me.

 

 

Sent from my iPhone using Tapatalk

Except starting with PFD is bad advice.

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Except starting with PFD is bad advice.

 

 

Is TFD an acronym around here? That is what I start with. :aggressive:

 

TFD = Threaten For Delete

Edited by RocketGoBoom

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PFD's are the LAST RESORT.

 

It is not something that you want to start with it's more of a "I've tried everything else let's see if this works" situation.

 

If you have some CO's then you can list out all the details and find something inaccurate to dispute.

 

You also need to be aware of the SOL for those CO's

I see. I just wanted to get it off my report. My file is fairly thin and it was my fault. The balance is so small but it has a bigger effect because I don't have many tradelines.

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Hello all,

 

And thank you in advance for reading. I have a few small charge-off accounts which I'd like to use the pay for deletion tactic. I know protocol is probably a written offer, but how likely is it that the creditor will agree? What does the process look like?

 

I think it depends on what type of entity you are dealing with.

 

In general, original creditors (OC) have historically been unwilling to delete.

Collection Agencies (CA) and Junk Debt Buyers (JDB) have been more open to negotiations.

 

Also, a typical customer service or front line representative likely doesn't have authorization to even say Yes to a "pay for deletion (PFD" offer.

You have to reach a manager or higher type person to get someone that can make that deal.

 

If it is a CA or JDB, then don't have as much skin in the debt because they likely purchased it for less than 10% of face value.

 

Honestly, I have had my best successes by threatening them with litigation.

Basically hold the threat of imposing lots of legal expenses on them if they don't delete.

That usually gets them to just walk away and also delete whatever they are reporting to the credit bureaus.

But not everyone has the ability to play that game, because your target might call you on it, so don't necessarily try it.

 

It's Wells Fargo, and a very small debt. I don't find them to be particularly helpful in any situation, but I thought I had a glimmer of hope. lol

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PFD is also a last resort in most cases, not a first step.

I just thought I'd pay it because the balance is sooooooo small.

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It's just not likely to work. I know this is talked about a lot on some other boards, but a bank like WF would lose their contract with the CRAs - in other words, their ability to report at all for anyone - if they agreed to delete in exchange for payment.

 

Only a few JDBs will delete in exchange for payment - and they don't do it all the time - for the same reason. Their contract says they can't do this.

 

This technique is a myth. You can certainly try it, but there are better methods.

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Only a few JDBs will delete in exchange for payment - and they don't do it all the time - for the same reason. Their contract says they can't do this.

 

This thread and my mention of a LVNV issue made me wonder what the game is. JDB hit your credit ostensibly irreparably, dinging you for 100 points (in my case) when PFD doesn't work. So there is no obvious benefit to me paying this debt. What is their angle? What do they think people will do if PFD isn't a thing (which appears to be the thing). How is this a business model?

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Lots of people pay these debts, for all kinds of reasons. Many people think it will improve their credit rating - which, on a manual review it would, but most creditors don't do manual reviews. Many pay it because they need to close on a mortgage and they are told they can't have any open collections. Many people call the collectors about the debt, and are then intimidated, tricked or otherwise convinced to pay it.

 

Most people who owe money do not spend a lot of time researching the internet to find out what to do. A lot of those who do read about PFD, call the CA and offer, CA says "sure" takes a payment over the phone, then doesn't delete anything.

 

PFD is not a business model or part of a business model. Creditors need to be able to report, pull reports, subscribe to the other services offered by CRAs. If they violate their contract, they will not be able to do these things.

 

MF is not going to tell you about this aspect of PFD. And I'm sure the CRA's are reading here and at MF and the other boards - they find out who is doing what, because people post it online. They even call the CRA's and say "This CA told me they would delete it if I pay it, why isn't it deleted..." Dummies give away our games all the time.

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Only a few JDBs will delete in exchange for payment - and they don't do it all the time - for the same reason. Their contract says they can't do this.

 

This thread and my mention of a LVNV issue made me wonder what the game is. JDB hit your credit ostensibly irreparably, dinging you for 100 points (in my case) when PFD doesn't work. So there is no obvious benefit to me paying this debt. What is their angle? What do they think people will do if PFD isn't a thing (which appears to be the thing). How is this a business model?

 

I think it can be difficult to get a mortgage with unpaid CO

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This thread and my mention of a LVNV issue made me wonder what the game is. JDB hit your credit ostensibly irreparably, dinging you for 100 points (in my case) when PFD doesn't work. So there is no obvious benefit to me paying this debt. What is their angle? What do they think people will do if PFD isn't a thing (which appears to be the thing). How is this a business model?

My objection to the current credit reporting system is how easy it is for those JDBs or CAs to add negative info to our credit files with so little evidence or due process.

 

"GUILTY UNTIL PROVEN INNOCENT." That is our credit reporting system. They have setup this system to enable CAs and JDBs the ability to extort individuals with the threat of trashing your reputation if you don't pay them.

 

There is no requirement that they notify you prior to reporting something negative. Many will send a letter first before reporting, but they really don't have to do that,

 

The only way to deal with the extortion racket of the JDB/CA is to flip the script. Go on offense. Start demanding $1,000 for whatever technical violations you can come up with. Don't even discuss with them the debt they are claiming you owe. Call them up, notify them you are recording for quality control purposes and start trying to collect your $1,000 from them. That can be an entertaining process.

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It's just not likely to work. I know this is talked about a lot on some other boards, but a bank like WF would lose their contract with the CRAs - in other words, their ability to report at all for anyone - if they agreed to delete in exchange for payment.

 

Only a few JDBs will delete in exchange for payment - and they don't do it all the time - for the same reason. Their contract says they can't do this.

 

This technique is a myth. You can certainly try it, but there are better methods.

I think I am just going to pay it. It's so small and at least if my credit union does do a manual review, they'll see it as paid. Their practices seem to include a manual review to see if they can approve you rather than going solely based off credit score.

 

 

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I was successful using PFD for a utility bill. Without admitting or denying I wrote a letter to the CEO explaining that I was aware that this item was pushing me below a break point for mortgage pricing and could potentially cost me 10s of thousands of dollars. They sent back an agreement letter; I paid and everything was fixed in about a month. For other types of creditors I've heard that this tactic is more or less a last effort hail mary, but may be worth a shot after other avenues are explored. Oh.. I also mentioned that I would launch an on-line campaign regarding their monopolistic control over their captive consumers that results in an itchy trigger finger to sell old accounts or put them in collection as well a getting state consumer agencies involved.

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I've successfully used PFD with Comcast directly, and with a few different JDB/CA. They all worked and all were deleted within 30 days.

 

The debts were valid and I paid 100%, but all combined was less than $1000.

 

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