Pay to delete off credit agreement?

Question

Has anyone ever made one of these agreements? If so, how did it work, how long did it take for these items to be removed from your credit, and how soon did you get feedback from the credit company? Thanks

Answer 1

1. I have used PFD agreements for family and friends with great success. Oddly enough, though, I had no luck using them for myself.

2. Basically, the agreement is what it sounds like: you give them money in exchange for them removing the account from the credit bureaus.

3. If the company agrees to do it, then deletion usually occurs according to the terms of the agreement. Most of letters I have seen online (and the one I used for my family and friends) required removal within 10 days of their receipt of your payment with certified funds. And they have to provide you with proof that they have deleted the account or you can sue them for breach of contract.



4. If by "feedback from the credit company" you mean the credit bureau, then you sound like you are asking how long before the deletion shows up on your credit report. Generally, you can expect it to show up within 10 days of finalizing the agreement (and you can always ask for rapid rescoring).

If by "feedback from the credit company" you mean how long it took for the company you sent the PFD to to get back with you, then that is a question that I cannot answer for you with any accuracy. If a company is open to PFD, then you can expect to hear back within a week or two. If they are not open to PFD, they may get back to you just as quickly or they may just ignore you completely.  

Answer 2

Yes a pay for delete is an agreement whereby the creditor agrees to delete the account from your credit report once you've paid the debt.

The mistake a lot of people make is thinking that any communication from the creditor is a pay for delete agreement. The more dishonest creditors will send a letter simply stating that once the debt is satisfied they will mark your account as "paid" or "paid in full". That's fine but it will say "paid" and still sit on your credit report for 7 years.

You usually get a response within 10-30 days from the credit company. Just make sure you get an agreement in writing not over the phone.