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NEGOTIATING
"Negotiating" is the method used to directly request your creditor to delete or improve your negative credit rating.
It's your creditors who report the information and it's your creditors who can make any changes. Nothing should stop you from contacting your creditor and asking them for a second chance. It's your right! (see sample letters in Appendix 4)
Let's say, you have an outstanding old debt with a creditor and your now ready to settle the account, there's nothing wrong with negotiating an upgraded credit rating in return for your payment (instead of a
rating like "PD CHG OFF" they report "PD AS AGREED").
Maybe you have an old account which has been paid, but only after it was delinquent or in default (charge off).
Or maybe the account is current but had made late payments in the past. Negotiate that this information is old and does not reflect your current credit worthiness or payment pattern.
Before you can
negotiate with a creditor it's important to be prepared. Review the questions below to assist you in making the proper approach:
How is the account currently being reported and how do you want it to
be reported?
How long has the account been closed?
Has the account been paid in full?
Can I pay the debt off in full or must it be in payments?
How old is the account?
How long have I been current with this account?
How many times did I make late payments?
What caused the original problem?
How can I show my creditor my current credit worthiness?
Whether you do your negotiating over the phone or through correspondence, be prepared, tactful and persistent.
Remember, your basically asking your creditor for a second chance. They do not have to comply with your request, providing they are reporting the information accurately.
Be persistent!
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