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Is it too late to ask for Pay to Delete?

I recently made payment arrangements with a collection agency in hopes to begin to fix my credit. I made one payment already, then I began to research more info on credit repair. Can I still ask for a pay to delete. The Creditor told me that once its paid in full, i will get letter to fax to Credit bureaus that will showed paid. But that still looks bad on my report doesn't it? This account just turned 4 years old last month with is the SOL for my state. So they can't sue me anymore, right? Do you recommend that I continue to pay it off and leave it as Paid 120 days late or ask for pay to delete?

Public Comments

  1. It probably IS too late to ask for "pay for delete." Probably too late, but not necessarily impossible. You should NEVER pay a dime to a collections agency until you've negotiated the terms of agreement(in this case, a "pay for delete"), and you've gotten these agreed terms sent to you in writing. Once you start making payments, the collections agency figures that you're more likely to pay. If you suddenly stop paying them, they might assume that it's because you've got the money but simply do not want to pay them. By doing this, they will be more likely to SUE you in civil court for the unpaid balance now, than if you never paid a dime in the first place!
  2. It will show up as paid, over 120 days late. This is MUCH better then a "charge off" or "in collection". You are right, it will show up, but it will show up that in the end you made good and paid back the money you borrowed.
  3. It is never too late to at least "ask", but getting them to do it might be difficult. Once you made a payment the advantage goes back to them, so you may have to give them a reason to change the agreement. Are you paying the full amount due or only a part of the entire debt? If you have made arrangements to pay less than the amount due, you might want to see if you now offer to pay in full that they delete the information. Are you making payments? If so can you get the money together sooner. If you go back to them with an offer to pay it off sooner they may be willing to do the "Pay for delete". Just what ever you do if they agree then be sure to have the agrement in writting before you send additional money. Also, since you made the payment the SOL got reset, so you lost any protection the SOL would have given you. If you stop paying they now have another 4 years to sue you. Which is why the advantage is now back to them.
  4. This site helped me repair my credit myself. creditboards.com
  5. Actually the statute runs from date of last charge or date of last payment. With your payment, you reactivated it. Your best course is to pay it off then have the negative item removed via credit repair. Usually companies charge hundreds of dollars to simply pull your credit and send correctly worded dispute letters—this is the key…..people will tell you that you can do this yourself for free but the truth of the matter is that the credit bureaus will throw your letters away or simply reject them. There is an easy to use online kit that will deliver the results you want available for just $19.95 at the source website. A similar kit is being sold via infomercials and radio talk shows for seventy dollars more but they try to solicit you repeatedly for other services after the fact.
* Some answers may have been provided by Yahoo! Answers.