Consumer Protection Law
Consumer Protection Law Questions? Ask a Lawyer Now.
Hello. My name is Alex.Thank you for your question.I will be happy to provide you with information you are seeking for educational purposes only.
Do you owe any money to Verizon Wireless?
Thank you for your follow up.
Unfortunately, valid delinquent debt cannot be removed from the credit report and generally, either a settlement can be negotiated with collection agency and if collection agency agreed, once settlement payment is made, then the credit report should be updated with paid for less than full amount or if the entire delinquent balance is paid, then the credit report would be updated, as paid in full, however, any prior delinquency will remain on the credit report for 7 years from the time the delinquency first occurred.
I wish you the best of luck!
Generally, there is no loopholes, unless the collection agency or original creditor agrees to remove the reported delinquency, due to some error or other issue, but generally, if the debt is paid in full and the consumer disputes the report, it is less likely that the original creditor or collection agency would respond within 30 days required to verify the validity of the report, however, it is not a guarantee that they won't respond or won't re-report the account, even if it is disputed and removed.
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