Pay for deletion (PFD)

[Nickt892003]

What are good ways to go about doing this? Also After a bad account is deleted how fast will my score go up?

[Lian]

There are many factors impacting how to go about offering a payment for deletion.
Can you provide the following information:
1. What are you asking to be deleted?
2. If a collection, who now owns the debt?
3. How old is it? Has your state statute of limitations expired?
4. Are you offering full payment, or a settlement for less?
5. If a collection, is the debt collector currently under a DV request from you?

[Nickt892003]

I have serveral collections holding my score down prices are , 300, 800, 700, and several small medical all under 200. I would like to pay in full an just have them be gone. I am not sure what a DV is, im new to all this and just learning about it all. ALso can i have them mail me a letter agreeing to settle and PFD or do I have to mail them one? I have done research on it but just wondering if there any secrets or what i should look out for. Thanks

[Lian]

A PFD is a private negotiation process. They are not apt to initiate such an offer in writing, as offering deletion in exchange for payment is directly contrary to their credit reporting agreements with the CRAs. It should initially be offered by you.

Is the debt still within your state statute of limitations? If so, they would still have the ability to continue to seek the full amount in court with no need to consider CR deletion. If SOL has expired, that often increases the chances of acceptance.

DV is the debt validation/verification process under the FDCPA, wherein you can request the debt collector to obtain verification from the creditor that the debt is valid, and communicate that verification to you, along with an accounting of the debt owed. It is used to assure that the debt is valid, and to compel them, if you send your DV timely, to cease collection activities until such time as they provide verification of the debt. Is the debt legit?

[jhood2880]

But when we do offer them a PFD should we do this in writting? Also is there a link to the pfd letter?

[Lian]

It is a private negotiation. You can do it any way you wish.
It ultimately, if accepted, is a formal contract agreement, and at that time should be reduced to writing. But the negotiation stage is up to you.

Pay for delete requests are a form of good-will request, and depend upon your individual situation and reasons. Form letters are thus not that useful.

Just include an offer to pay X-amount, stating that your offer is solely for the purpose of resovling the issue, and is not an admission of any debt. Request, as a conditon for your payment, that they agree to delete (whatever the item is) from your credit report.
Dont include payment with your PFD offer. You dont have an agreement until accepted by both sides.

[jhood2880]

Just wanted to update everyone. I sent 2 pay for deletions outs. 1 worked and i have not heard from the other one yet. IT WORKS!

[30daylate]

make sure you get everything in writing!

[jhood2880]

I did. They company actually seemed very good. The first rep i talked to told me no. Then she transferred me to a supervisor and sai since that was the first time they had any contact with me they would do it as long as i paid by debit/credit card. The pfd i sent said i would sent a cashiers check. So they faxed me all the documents.

[improvescore65]

Neither rep bit. I'm going to send a letter and hope that it gets to an experienced person with power to do such things.
Anyone have any idea what percentage of offers get accepted?