Can a collection agency remove an account?

[amazeme360]

Has anyone had a collection agency remove a bill from your credit report after it is paid in full? The other day a collection agency told me that they will completely remove a bill from my credit report once I pay them. Then I read online that they are not able to do this and if they tell you this it is a lie to get you to pay. Has anyone had this done for them so I know that it is true?

[chane]

Yes, they can do it. GET IT IN WRITING!

[matt30]

Yes, they (not all) will remove an item from your credit once it is paid. I've done it about 3 times in the last 5 months. I got a letter from the creditor BEFORE I paid them stating that if I paid the item in full it would be removed. That is a contract between you and the creditor or collection agency (who I did it with also).

I have also had creditors that refuse to remove the item once I pay it. I don't pay them. I had one collection agency manager tell me one time that they would remove an item from my credit once I sent the item (no letter). He had the nerve to tell me that I would just have to "take his word for it." I have plenty of good active accounts to offset the few bad ones. In the last 5 months I have went from a 495 FICO to the low 600's by doing this and disputing everything in the world, sometimes 4 or 5 times.

I still have 9k in collections with 1 company and several thousand with another. The credit bureaus hate me because I dispute so much. I have a legal right to do so under our laws. The bureaus are not our friends. They are in the business of selling your info to the highest bidder. Good Luck!

[scorch]

Transunion told me they can do it and it is best to get in writing. Although it is in collections, it is still better to settle than to not pay at all isn't that right?

[m15giv]

Not always, if they will agree (in writing) to remove for pay, then fine. Go for it. If not, do not pay it. When you are disputing the account with the CRA, the fact that you paid show that you are owning the account and gives easy verification ability to the CA. If you talk to the CA, make it in writing via Snail Mail, don't sign anything, and negotiate, negotiate, negotiate (remove for pay). If not, keep disputing until the account is deleted.

[scorch]

OK. So settling with a collection agency is not always beneficial unless they agree in writing that they will remove the account from your report. If they never agree to that, and the account is still on the report, it will automatically be deleted after the 7 years, is that right? or does it get worse if you do nothing?

I did also read the comment about disputing negative items until they are deleted, which sounds like a good idea. How long does it take and how well does it work?

[chane]

Originally Posted by scorch

OK. So settling with a collection agency is not always beneficial unless they agree in writing that they will remove the account from your report. If they never agree to that, and the account is still on the report, it will automatically be deleted after the 7 years, is that right? or does it get worse if you do nothing?

If could get worse. They could sue you and you could get a judgment on your report. It usually will never come to that, but if it does, you also have your chance to fight them in court and make request that they provide proper validation which they rarely have. Most people are deathly afraid of being sued. I've never been worried about being sued, if it happens, it happens.

I did also read the comment about disputing negative items until they are deleted, which sounds like a good idea. How long does it take and how well does it work?

It depends. The CRAs are never consistent. It could take one time or it could take a lot longer. It depends on a lot of different factors...mostly how old the accounts are that you are disputing. The older they are, usually the easier they will come off.

[rayne428]

this is what i have a question on too, i've paid two bill that were in collections in full one was a phone bill and the other was a credit card and i also paid off regions bank acc that was negative and all the collections agencies thati talked too said that there was ntohing to be done about this.

[chane]

Originally Posted by rayne428

this is what i have a question on too, i've paid two bill that were in collections in full one was a phone bill and the other was a credit card and i also paid off regions bank acc that was negative and all the collections agencies thati talked too said that there was ntohing to be done about this.

Dispute the accounts with the CRAs reporting them.

[CreditCrisis]

I got some crappy validation letters back from "portfolio revocery associates" all it is is stating that they bought the account from hsbc and cap one and that they are using their records to provide my info? but all it is, is the amount im disputing and a date i opened the account. Should i just sit back and wait til the CRA's handle this?