Can I call credit debtors & ask for removal if paid in full?

Deal Score0

What are my chances of them even removing the bad debt off his credit report?? My husband has some debt on his credit report that prevented us from getting approved for a mortgage loan. This debt ranges from 2003 – 2007. Some medical bills, a phone bill, a few little ones here & there that don’t add up to much. The most significant one being an ITT Student loan f/ $ 2960. The date of 1st delinquency being 4/2004 on this ITT. Should I pay any of these off??? And if so, would it help his score any (current score 595)? The mortgage company gave us the number to a credit restoration company, that will cost about $ 800 over the period of a year… I don’t know what option of mine is better?? Anyone know???

  1. Reply
    Ryan M
    April 29, 2011 at 10:50 pm

    You can ask, however is it is in VIOLATION of their agreement with the reporting agencies to remove CORRECT and accurate postings. You cannot stiff creditors and think once you pay them off, that there is no lingering consequence.

  2. Reply
    April 29, 2011 at 11:21 pm

    – DO NOT waste $ 800 with this service. Use this money to pay down the debt yourself.
    You may be able to negotiate the complete removal of non credit card debts like defaulted cell, medical, utility bills etc. from your credit report with a Pay for Delete agreement. This is a written agreement where you get a signed agreement from the debt collector (PRIOR to making any payment) where they offer to remove the negative items from your credit files after an agreed-to amount is paid. They will NOT want to do this….all they want is your money and their commission and they could not care less about your credit rating….Still, you have something they want (money) and that puts you in a position to negotiate on this issue. Example letter:

    I am willing to resolve this issue if your firm sends me a written agreement that you will remove all negative notations from my credit report after the agreed-to amount is paid to you. Upon receipt of this letter I will mail you a USPS money order for this amount.
    Again, they are not going to want to do this…if they simply refuse to remove it, then you want to negotiate that they will update your credit report to “Paid in Full.” . You DO NOT want them to put “settled” on your credit report, as that’s a negative factor….
    – It probably won’t work with student loans
    – Renewing contact with debt collectors can be like stirring up a hornets nest…be careful
    ********* DO NOT debt collectors that you’re trying to repair your credit rating for a mortgage…if you do they will hold your credit rating hostage and try to extort every penny they can from you.

  3. Reply
    April 29, 2011 at 11:37 pm

    100% chance you will not get it deleted by the original creditor if the debt was sold to a collector.
    Don’t pay someone to Fix your credit score.

    If you clean up your mess (pay your oustanding debts) and keep a clean slate. In 2 yrs you can find a bank that does manual underwriting. They don’t use a fico number. It’s not a sub prime loan. It’s how home loans where givin’ before all the fico score worship.

  4. Reply
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    April 30, 2011 at 12:22 am

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