Date of Settlement Agreement
Name of Creditor
Creditor’s Address
RE: Account Account #
To Whom It May Concern:
The purpose of this letter is to confirm our previous telephone conversation on Conversation Date regarding the settlement of the above account. According to our verbal agreement on the telephone, I will pay your company the amount of $Settlement Amount as full settlement of this account. Also, according to our verbal agreement, upon receipt of the above amount, your company has agreed to change the remark on my credit report to Agreement, i.e. “paid satisfactorily”.
In addition, any reference to any late payment or charge-off regarding this account will be deleted from my credit report. The updated status will then be reported to all credit bureaus that you report to.
Your cooperation in this matter is greatly appreciated. If this settlement agreement is acceptable to your company, please acknowledge with your signature in the space provided below and return a copy to me. Upon receipt of this signed acknowledgement, I will forward you the amount stated above.
_____________________________ __________
(SIGNATURE OF AUTHORIZED OFFICER) (DATE)
Thank you,
Your Name
Your Address
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