How To Remove A Collection Account From Your Credit Report



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How To Remove A Collection Account From Your Credit Report

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Let’s start with the harsh truth. The odds of you being able to remove a collection account from your credit report if it is accurate are low.

There are steps that you can take in order to speed up the process. These steps are unlikely to succeed.

To find out where the negative items are, check all your credit reports.

You can determine if the account you are dealing with is genuine. If it is, it may be possible to have it deleted from your records.

You have three options: you can dispute the account (if inaccurate), call the collection agency to request a goodwill adjustment (if the account has been paid in full), or wait until the account is removed from your records.

Recognize that you might not be able to remove legitimate collections from credit reports.

1. All credit reports should be checked.

You can get one free credit report each year per credit bureau via annualcreditreport.com.

You can check all of your credit reports to find out if there is any negative information about the collection account you have found.

2. You must verify that your account is legitimate.

Do you owe the debt? Is it legitimate? It is likely that it will be difficult to remove it from your credit report. You may still be able to get the account removed via the dispute process if it is incorrect or not correct.

3. Select your preferred plan of action.

You have a number of options to deal with a collection account that is not on your credit report.

You can dispute the inaccurate collection account with every credit bureau reporting it. You can file complaints online with the consumer credit bureaus. You may also file disputes online with creditors and debt collectors (like credit card issuers). However, these disputes must be done by telephone or mail. You can send a 609 complaint letter by certified mail in this instance.

Contact the collection agency to ask for goodwill deletion. It is asking to have the account deleted because it was paid. Although it is unlikely to work, it may be worth trying. If you’ve never made credit mistakes in the past, a goodwill adjustment might be easier.

Wait. Even if a collection has been on your account for seven years, regardless of whether it was unpaid. Its impact on your score will diminish over time.

4. Be aware of your limitations

Although a collection account could severely affect your credit score, it is important to keep in mind that the impact will only last for a short time. If you manage your credit well, you will be able to recover quickly.

What length of time does a collection account stay on your credit reports?

Even if a collection account has been paid or settled it won’t be deleted from your credit report.

The Fair Credit Reporting Act allows credit bureaus to legally report the collection even after the account is paid.

A collection account, which can be described in another way, may remain on credit reports for as long as seven years after the original debt becomes 180 days past due.

Insider tip

You can file a 609 dispute correspondence regarding an account that is unauthorized, unverifiable, or not shown on your credit report. The credit bureaus will have to investigate the matter. They will have to delete the account from your credit reports if they are unable to verify it. This won’t erase the debt, it only removes the credit record.

Is the Collection Agency going to remove a paid collection from your credit reports?

If you are wondering if you can request a collection agency remove a collection account from your credit report as part of a settlement, then you will likely be disappointed once again. This settlement is also known as “pay to delete” and it’s not something collection agencies will agree to.

It makes sense, considering that it might encourage more people to repay old debts. Collection agencies won’t usually agree to remove settled or paid accounts because major credit bureaus like Experian, TransUnion and Equifax ask them to not.

To obtain permission to include collecting information on credit reports, agencies enter into agreements with credit bureaus. Collection agencies can use negative collection information to put pressure on individuals to repay old debts. A collection agency might call and write about an old medical bill, but someone may not be concerned about it. However, if the old medical bill becomes a collection account and her credit score is reduced or she gets denied a loan it can make a big difference.

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1 Response

  1. Joel Beltran says:

    Can I remove a collection from my report after they garnished but I appealed and won because I couldn't afford garnish

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