Results 1 to 5 of 5

Hybrid View

  1. #1
    Join Date
    Jun 2008
    Posts
    5

    Default Pay for Delete - What Do I Need in Writing?

    My question involves collection proceedings in the State of: NY

    This involves a debt currently held by RJM Acquisitions.
    I offered to pay in exchange for having this record removed from my credit report. They agreed and sent me a letter to that effect.

    The letter is on their standard stationary, in the place where they usualy ask for money it says the following:

    Payment Proposal


    RJM Acquisitions LLC ("RJM") is the owner of the above referenced account.

    Based upon review of this account, RJM is pleased to accept the sum of $###.## in full satisfaction of the above referenced account.

    Please pay by July 26, 2008.

    Upon receipt and clearance of $###.##, this acount will be satisfied in full, and, as per your specific request, RJM will
    REQUEST OUR REPORTING OF THIS ACCOUNT BE DELETED FROM YOUR CREDIT REPORT.
    Should I be fine with this letter?

    The following are several things I'm worried about:
    • There is no time frame stated for when they will request it be deleted.
    • They don't explicitly say they will delete it from all the reporting agencies (it's currently listed by 2 of them).
    • This wasn't signed by anybody.


    I'm not sure if I'm being paranoid or these are valid concerns.

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Pay for Delete - What Do I Need in Writing?

    I'm not sure if I'm being paranoid or these are valid concerns.
    I don't think you're being paranoid at all. RJM has a reputation for being scum for a reason.

    Send it back immediately, requesting that the details you want be added.

  3. #3
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Pay for Delete - What Do I Need in Writing?

    As I read it, they will fulfill their duties by sending the credit reporting agencies a letter, "Please delete our reporting of account no. xxxx." They make no promise that the credit reporting agencies will act on their request, nor do they have any apparent duty to follow up if the credit reporting agencies continue to report the debt. Perhaps their request will be sufficient to result in deletion, but if it is not I don't see that the language leaves you with any recourse against either RJM or the credit reporting agencies.

  4. #4
    Join Date
    Jul 2008
    Posts
    853

    Default Re: Pay for Delete - What Do I Need in Writing?

    RJM is known for this. Marking a tradeline as "Satisfied in full" will merely get you a collection tradeline marked as paid, it will not get you the delete. As far as credit scoring goes, a paid collection is just as damaging to your credit as an unpaid one: Fair, Isaac, and Company (who is the generator of the FICO score) considers the fact that the collection happened at all to be more indicative of your repayment risk than the fact that you finally paid it.

    You need to get it in writing that they will instruct all CRA's to delete the tradeline. (ETA- oops, I missed the last line of the letter)

    If a collection agency (or any other furnisher of information to a CRA) instructs a CRA to delete a tradeline, the CRA must delete that tradeline under Federal Law. see 15USC 1681

    If you get the statement that they will delete in writing, and the trade does not delete, you dispute the trade with the CRA. the CRA is required under the law to contact the furnisher and ask if the tradeline is complete and accurate. If the trade is not then deleted, you would have a cause of action against both the CRA and the furnisher (in this case, RJM acquisitions) for violations of 15 USC 1681s-2(b). This allows for statutory damages and also, under certain circumstances, punitive damages. State law may also provide for additional damages, consult your state laws as well.

  5. #5
    Join Date
    Jun 2008
    Posts
    5

    Default Re: Pay for Delete - What Do I Need in Writing?

    I just wanted to post an update.

    I was unable to get them to give me anything other than that in writing, ultimately I decided to take my chances with that.

    I paid it up than disputed the item the next day.

    I'm pleased to say it has been deleted from my record. (it took about a week from when I disputed it)

    1. Sponsored Links
       

Similar Threads

  1. Debt Collectors: Pay to Delete Letter
    By j30345 in forum Debts and Collections
    Replies: 5
    Last Post: 10-27-2008, 04:00 PM
  2. Debt Collectors: Getting A Pay For Delete Agreement
    By mikehauss in forum Debts and Collections
    Replies: 2
    Last Post: 06-29-2007, 05:35 AM
  3. How do you delete your user name?
    By ohiogirl21 in forum Banter
    Replies: 26
    Last Post: 04-29-2007, 06:02 AM
 
 
Sponsored Links

Legal Help, Information and Resources