Saturday, March 27, 2010

How to Remove Collections From Your Credit Report

Among the things that hurt your credit score, debt collection accounts are among the worst. A debt collection is a serious delinquency and indicates you have failed to make a payment on one of your accounts.

Debt collections wind up on your credit report after you haven’t paid a bill for at least six months. The creditor or lender sends your account to a third-party debt collector to try to get you to pay the account. As part of the collection process, the debt collector lists the account on your credit report where it will remain for seven years, unless you do something to have it removed. can help with your credit reports. See what they have done by watching this video:

Disputing Debt Collections

One of the easiest ways to have collections from your credit report is to dispute it with the credit bureau listing the account. If the debt collector doesn’t verify that the debt is yours, then the account will be removed from your credit report. To dispute a debt collection, you should send a written request to the credit bureau stating the reason the account should be removed.

You might also dispute a collection account if it’s past the credit reporting time limit. Debt collections can only be listed on your credit report for seven years. Most accounts fall off your credit report automatically, but this doesn’t happen to all of them. If an old collection account is still on your credit report, you can dispute it.

Often debt collectors pass accounts on to other collection agencies. Unfortunately, when this happens, collection accounts can appear on your credit report multiple times. Dispute multiple listings of a collection account with the credit bureaus.

Paying to Have Collections Deleted

You can also make a negotiation with the debt collector to have the account removed from your credit report. Through a process known as “pay for delete” you may be able to convince the debt collector to remove the debt collection from your credit report in exchange for payment.

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