How do I negotiate a pay for delete agreement?

If you have an outstanding debt on your credit report, pulling your credit score down, you should consider requesting a pay for delete agreement. This is when you pay the bill only after the creditor agrees to take it off your credit report if you do so. This way, they get their money, while your credit rating improves.

The first step of this process is requesting debt validation from the creditor to find out the exact amount that you owe. This requires sending a letter to the creditor, and once you receive the validation, you can send a pay for delete letter.

The letter you send should state the amount of the debt, whether you can pay in full or a partial amount, and your terms. These terms should include the amount of time the creditor will have to withdraw the debt from your credit report as well as the amount of time they will have to reply with an agreement. You should note in the letter that you will withdraw the offer if they do not reply within the time frame you have set. Most companies that want your money will respond with a pay for delete agreement soon after they receive your request.

One of the most important parts of this process is to get the agreement in writing before you pay. This way, you will have proof of the agreement in case the creditor refuses to remove the item from the report after you have already paid. Once they agree to the pay for delete via a letter back to you on their company's letterhead, it will act as a legal contract.