Debt Negotiation Advice

how do you negotiate to remove account on credit report as collections?

as i understand it takes the cc company 120 days to sell your debt to someone. i am not late yet but soon i will be. i am getting a lump sum of money and will be able to pay this in full. how can i negotiate with the company to remove my paid collection status or remove any negative information.

Public Comments

1. You can ask them in good faith if you have never been late before to not report you as late. However, even if you ask, they may not do that...especially if you are more than 60 days late. Unfortunately, lates on credit will stay on your credit report for 7 years but after 12 months of on time payments, your credit score should go back up as long as the rest of your credit is in line.
2. If the account has been placed for collections then even if you contact them and pay off the account it will still stay on your credit report as per Running of Reporting Period - Section 605 [15 U.S.C. § 1681c] As of December 29, 1997 the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "last missed payment:). So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct "delinquent or last missed payment" date (month and year) that preceded the creditor's action. You can try to negotiate for a "Pay to Delete" but the CC Co's do not have to agree. If they do agree, get it in writing first before you make the pay off. Hope this answers your question.
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