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However, these agreements are rare. Credit reporting agencies strongly advise against any attempt to remove accurate information from their reports. Indeed, creditors are required by law to declare accurate and complete information when reporting to credit reference agencies. If I receive an agreement signed with the above conditions from an authorized representative on your company`s letterhead, I will pay $XXX by . But this is not a common practice – or necessarily exaggerated. „Legitimate debt collection agencies will not participate in credit exchange or payment for deletion systems,“ says Cindy Sebrell, vice president of public affairs at ACA International, a trade association for debt collection agencies. Again, remember that paying for deletion bypasses a legal line. Even if you receive a payment for deletion in an offer, you cannot guarantee that you will take legal action later when the account reappears. A contract must not have conditions that violate the law. And since the Fair Credit Reporting Act states that collection agencies must honestly report the information, you can`t sue them because they don`t have to pay for the deletion. If what you offer is less than what they paid to the original creditor, they will likely be less likely to work with you. If you offer the full amount of outstanding debt, they are probably more receptive to working with you.

Unfortunately, a payment letter for deletion will not always work. It`s still worth a try, and it`s great if it leads to deletion…