This type of transaction can be a good fit for consumers who have negotiated a lower settlement amount or in some instances; do not mind paying the full amount in order to have a clean credit report.
Sample Pay for Delete Letter
CITY, STATE & ZIP CODE
Sent U.S. Certified, Return Receipt Mail
Collection Agency Name
City & State & Zip
Re: Collection Account or Creditor Account
Account #: xxxxxxxxxxx
To Whom It May Concern:
I am willing to pay $_____ as and for full and final settlement of this account in exchange for an immediate deletion of this account from any and all credit reporting agencies, including but not limited to Experian, Equifax and Transunion.
This offer of settlement is not an admission or acknowledgment of the liability for this debt, but it is merely a way of having this negative item removed from my credit files.
Certified funds in the form of a cashier’s check or money order in the amount of $______ will be sent to (Name of Creditor or Collection Agency) if the following terms of this settlement offer are agreed upon:
1. Full deletion of any and all references to this account in my credit files;
2. Full satisfaction of the debt;
3. No waiting period for the debt to be deleted from the credit reporting agencies since the debt will be satisfied via certified funds;
4. (Name of Creditor or Collection Agency) agrees to delete any and all information referring to this account from the all credit reporting agencies, including but not limited to Experian, Equifax and Transunion, within ten (10) calendar days following receipt of full and final payment of agreed upon amount; and
5. (Name of Creditor or Collection Agency) will not discuss the terms of this settlement with anyone and if contacted by any third party, including any credit reporting agency, (Name of Creditor) will not acknowledge that any settlement offer was made, accepted or executed and will deny knowledge of debt.
If you are in agreement with the above terms, please prepare a letter on your company letterhead agreeing to the above settlement terms, signed by an authorized representative.
Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this settlement offer will be withdrawn.
Type your Name
(Never sign any correspondence to a collection agency; your signature may very well end up on something you did not agree to or have knowledge of.)
(This letter is just a sample, feel free to modify as needed)