You have an account that's being handled by a collection agency. Did you know that sometimes the collector will agree to remove the debt from your credit report if you agree to pay if off?

"You'd be surprised how many collection agencies will stop credit reporting in exchange for payment," according to John Ulzheimer, President of Consumer Education for SmartCredit.com, based in Costa Mesa, Calif..

Make sure, however, that before you agree to, or pay anything, you get the arrangement in writing.  Have in had, a letter on their company letterhead that spells out that they will handle the removal of the reported debt from all three major credit report agencies.

This process often is called "pay for deletion," Ulzheimer says.  "While credit bureaus frown on those arrangements, it's not their data that's being reported."

They are getting paid for another company's debt, which puts them in a better position to be accommodating.