How Much Do You Offer for a “Pay for Delete” Collection Account?

Pay for Delete
How Much Do You Offer for a “Pay for Delete” Collection Account?

I had a viewer recently ask if he had to pay the full amount of the collection in order to get a pay for delete removal of a collection account from his credit report.

I am here at Tahquamenon falls the second largest falls in North America after Niagara Falls. I wanted to share with you a question that a viewer asked. How much should you offer to try and get the collection company to remove the account from your credit report completely? Whenever you enter into a negotiation with a collection company you want to be careful. You don’t want to admit responsibility for the debt during the negotiations, but you don’t have to pay in full to get a “pay for delete”.

A pay for delete is where you ask the collection company to remove an account from the credit report completely.

When entering into negotiations with a collection company never admit the debt is yours. You also need to know that they bought the debt for pennies on the dollar. So don’t offer to pay in full, as your fist offer although your goal should always be to get the pay for delete.

The most important thing you are going to tell them is you need something in writing on company letterhead that says it “was reported in error” if they give you that letter then you can go ahead and make the payment you don’t want to pay before you have that letter in hand.

During the pay for delete negotiation the amount is for whatever you want or whatever you can negotiate. You do not have to pay in full!

This is Dave Sullivan here for TheCreditGuyTV

You with a little bit of me, we are going to change the credit industry thank you!

If you’re looking for other ways to improve your credit score please go to GetLoanReady.com you can get free videos and worksheets to increase your credit score from a more holistic perspective. Never Pay Collections

If you want to see more videos about credit and credit scoring check these out at www.thecreditguy.tv. If  you are a mortgage lender please share this on your Facebook or LinkedIn page.   If you have any questions, leave them down below I’d be happy to answer them.

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Go to www.getloanready.com to find other ways to improve your credit score. I’m Dave Sullivan here for the credit guy TV so you with a little bit me we’re going to change the credit industry thank you

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