How to Write and Submit a Pay for Delete Letter to Bank of America
Credit scores are one of the main factors banks and other vendors use to determine how "risky" it would be to loan you money. Those with low credit scores may get loans with high interest rates, forcing them to pay more than they otherwise would, or they may just be denied a loan altogether. If you want to , DoNotPay has you covered!
What Is a Pay for Delete Letter?
Pay for Delete letters request to have negative aspects of your credit history deleted from your report. This can help boost your credit score quickly and help you get better loan terms, especially if you have already paid off the negative balance. Negative credit items sometimes stay on your credit report for several years, usually up to 7 years.
Writing and submitting a Pay for Delete letter is a good option if:
- You have small debts, like utility bills or medical bills
- You have debts that you are still paying off, but you want to clear up your credit report
- You have the money to pay off the debt, and you want to ensure your credit report will be cleared up with the final payment
- You are settling a debt by yourself, and you want to reduce the damage to your credit score
Creating these letters on your own can be overwhelming, and it's not easy to figure out what information is needed. Luckily, DoNotPay can do the hard work for you.
How to Write a Pay for Delete Letter to Bank of America
If you'd like to write a Bank of America credit card Pay for Delete letter on your own, there are 5 important pieces of information you must include:
- Your name
- Your address
- Your local Bank of America address
- Your Bank of America account number
- The current date
From there, you can draft a letter that first outlines your loan situation with the bank or lender, followed by an offer to settle the loan or pay down debts if they delete past-due payments or records of a negative balance from your account. Next, add a sentence or two about how you plan to pay the balance, whether with a money order, wire transfer, or cashier's check.
Lastly, include a sentence that describes the next steps you plan to take if you don't hear back from the lender or credit card company, which can include enlisting the help of a lawyer, rescinding the offer, and requesting full verification of the debt. If you decide to write your own Pay for Delete letter, you can find several helpful sample templates online.
Unfortunately, submitting your own Pay for Delete letter is often time-consuming, and it never guarantees that your credit issues can be resolved.
How to Improve Your Credit Score and Send a Pay for Delete Letter Using DoNotPay
If you don't want to go to all the trouble of writing a Pay for Delete letter, contacting various credit entities, and negotiating over the phone to improve your credit score, DoNotPay can carry out all of those tasks on your behalf and make the best case for you with just a few simple pieces of information from you.
How to clean up your credit report using DoNotPay:
If you want to clean up your credit report but don't know where to start, DoNotPay has you covered in 3 easy steps:
- Search Clean Credit Report on DoNotPay.
- Prepare a recent copy of your credit report that you can use as reference.
- Let us guide you through the 4 potential options:
- If you've already paid off your debt, we'll help you file a Goodwill Removal Request to get it removed.
- If you notice any errors in your report (we have a list of common errors you can use!), we'll help you file a credit dispute to the creditor or major credit bureaus.
- If there are no errors, we'll check if you're still eligible to file a debt validation request. If they can't validate your debt, they're required to remove it from your report and they can't collect it!
- Lastly, if none of the above options work, we'll help you file a pay-to-delete negotiation letter. You can customize the amount you are willing to pay in exchange for getting the item removed.
You can also check out our other credit products, including Credit Limit Increase, Get My Credit Report, Keep Unused Cards Active, and more!
What Else Can DoNotPay Do for Me?
DoNotPay can help with these other credit score related issues:
- Learn how to improve credit scores
- Learn how to dispute credit reports
- Learn more about debt validation letters
- Learn how to remove debt collections from a credit report
- Learn about credit dispute letters
- Learn how to remove late payments from credit reports
- Learn how to fix credit scores
- Learn how to remove inquiries from credit reports
Aside from helping you and cleaning up your credit report, DoNotPay offers several other services that can help you check mundane or complicated tasks off of your list, including:
|Connecting with inmates
|Providing burner phones
|Filing insurance claims
|And so much more!
If you're ready to use the power of artificial intelligence to get more done, visit DoNotPay today!