Negotiating a deal

Negotiating a deal
When you decide to pay the collection debt, you should contact the collector to see if you can negotiate an agreement. Since collectors buy debt for pennies on the dollar, they are often open to negotiating a reduced settlement. Some collection agencies will also offer to take the record off your credit report if you pay the debt, although this is technically illegal. Have the collector send you the terms of your settlement in writing. You may need to use this letter if the debt resurfaces.