Jul 17 • Credit tips 💎
Collections Loophole 🔄 How to Remove Collections
You saved up $1,500, paid off that collection and your score STILL went down.
You did the responsible thing by paying off your debt but you still dealt the consequences. Here’s what they don’t tell you.
As soon as you pay that collection off it remains on your credit report for 7 years reporting it as a “Paid Collection”. To lenders, they treat it as an unpaid collection when it comes to you applying for funding. Paying changed the balance, but the collection still remains.
The play is sending over a pay for deletion letter to the creditor that’s holding a collection on you. NEVER pay first. Get an agreement from the creditor first, then pay a percentage fee to remove the debt and collection.
The Email Script:
I am willing to settle this account for [30% of the outstanding balance], provided your company agrees to remove this account from all consumer credit reporting agencies upon receipt and clearance of payment. Before I submit any payment, I require written confirmation of this agreement on your company’s official letterhead. The written agreement should clearly state that the account will be deleted from my credit reports with all three major credit bureaus in exchange for the agreed settlement amount.
Debt collectors legally cant pay your debt and resell it to you for profit. There’s a whole consumer law that states that and you can also use this to remove collections.
Run the play 💎
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Collections Loophole 🔄 How to Remove Collections
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