Are collection agencys really able to delete colletions off of your credit report if you pay them off ?
Also Does anyone know of a good prepaid/secured credit card that reports to all three credit agencys?
Answers:
Collectors can and do delete the tradelines they have placed on credit reports upon payment.
They cannot delete the original creditors tradeline but they can delete what they themselves have placed on reports.
Be sure to request validation of the debt and make sure that the amount they are requesting is the true amount (not illegally inflated), that they are licensed and/or bonded in your state to collect if your state requires it, that you are still within the legal collecting SOL for your state and that they have a legal right to collect on the debt.
Then after receiving proper validation, and you want to pay, request that they take a portion of the debt as payment in full and that they will delete anything they have placed on your reports.
Get everything in writing, never speak on the phone with them.
Send everything to them certified mail return receipt.
Never sign your name to any letters to them, print your initials or type your name.
If they won't send you a signed agreement - don't pay until they do.
Check your state collecting SOL to see where you stand.
If you are out of the collecting SOL you are not legally required to pay. They cannot legally sue if you are past the collecting SOL. And you do have a legal right to inform them the SOL is no longer legally collectible.
If you still want to pay even if you are out of the collecting SOL, check your state statutes to make sure paying does not re-set the collecting SOL (if you are past SOL and your state allows the SOL to be re-set, you could leave yourself open to be sued by making a payment)
You might click on my profile and do some reading in the links listed - the FDCPA, FCRA, to find your states SOL, etc.
As for secured cards, you might check your bank or credit union to see what they offer.
You can also check out Orchard Bank, HSBC or Bank of America.
NO, collection agencies cannot delete anything off your credit report. Only the original debtor can change what is in your file since they are the ones that put the information there. Go to a bankruptcy message board to obtain information on prepaid/secured credit cards since there are tons of them but not all are a good deal.
Debt collectors are hired to collect cash for a debt you did not pay.
The answer is NO NO NO for credit report.
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