remove collection account

Remove collection account

Remove collection account

Remove collection account

Remove collection account

Remove collection account

Remove collection account

Remove collection account

Remove collection account

Remove collection account

Remove collection account

Removing Old Collection Accounts Frm Your Credit Article

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removing old collection accounts frm your credit

Paying an old collection account won’t extend the time period that it can remain on your credit reports . If it can’t confirm the account with the source, it will be removed. Sign up for our Credit Report Card and receive the latest tips advice .

Will Paying a Collection Account Remove it From My Credit Report?

If you have collection accounts on your credit reports, you no doubt just want them to go away. While we have some tips for how to remove collections from your credit report, it’s important to keep in mind that, by federal law, they can be reported for .

How to Remove Collection Accounts From Your Credit Reports

Changes are coming to your credit report – and this time . Encore Capital Group has promised not to report any new collection account to the credit bureaus as long as the debtor begins repaying their debt within ninety days after being notified .

Changes that may boost your credit score for free

OK, here’s the thing: Paying a collection account . money in a savings account isn’t going to do anything for your credit score … right now. But socking away some dollars for a rainy day can keep you from going to the old credit card when one .

How Your Tax Refund Can Help Your Score Better Credit

Even after you follow all the required steps, some sites never quite leave you alone, with vestiges of your relationship around forever. No matter what you call it—deleting, canceling, removing . your email or credit card on the account.

How to Delete Your Accounts From the Internet

Applying for Multiple Credit . remove the late fee from your credit report. Most companies will be flexible if you’ve been a good cardholder up until now. This one confuses many people, so let’s set the record straight. Closing an old account that .

Don’t Buy the Alternative Facts. Here’s What Actually Impacts Your Credit

The collection accounts and the original debt should be removed from your credit report at the same time. Collection efforts can continue even after the account is removed from your credit report. So, the collection agency could turn it over to an .

Collection Efforts Can Continue After Account is Removed

. easy fix that can have a big impact on your credit score. Call up mom or dad, your ex-spouse, your old business partner or whoever it is, and ask them to make a call and have you removed from the account. Maybe tell them you want to buy a house and .

DIY Credit Repair; Legitimate, Immediate And Easy

settle for a lower amount or pay the balance in exchange for a deletion of the account from your credit report. The best place to start is to get a copy of your credit report and highlight the old debt to be removed. I usually start with the collection .

How To Remove Zombie Debt And Increase Your Credit Score

You want to leave old accounts with 0 balances in good standing on your credit reports for as long as possible. Eventually they will fall off your credit reports on their own after about 10 years, but there's no reason to remove them prematurely.


Removing a collections account from your credit report

Remove collection accountA few years ago, I was sitting at my desk at work when I received an email alert from Equifax. Concerned, I opened the email and found that a collections agency had just popped up on my credit report. My first thought was, “Who is trying to collect from me?” My second thought was, “There goes my credit score.” Since I hadn’t been contacted by the collections agency and I was unaware of any outstanding debts, I was left completely confused and wondering what to do.

An illegitimate collections account

After checking my report, I found the name and contact information for the agency. Since my first response to pretty much anything is to Google it, I immediately searched for NCO/Fin 99 (the name of the agency). The search yielded a lengthy list of complaints against the agency. Apparently, they had many reports of fraud and predatory business practices. Not wanting to be a victim of fraud, I spent time researching how to resolve the issue and remove the account from my credit report (which should be a high priority).

After following the advice that I received online, fighting the claim, and waiting several months, the collections agency decided not to pursue me and removed the account from my credit report. To this day, I have been unable to determine what debt it was that I allegedly had not paid.

Steps to resolving a collection account

I have outline below the steps that I followed to have the delinquent account removed from my credit report. If a collections account happens to surprise you one sunny afternoon, this same process should help guide you through remediation.

  1. Obtain as much information about the company and debt as possible. For example, you will need at least the name and mailing address of the company, the amount of the debt, and the account number. Your credit report should contain all of this information. Other useful information is the original creditor (helps you determine if the account is legitimate).
  2. Write a letter to the collections agency requesting verification of the debt and that they cease attempting to collect the debt until verification is provided. I have placed below an example letter that you can use. Just fill in the blanks, sign, and send it off via certified mail and return receipt (you want to have a record that you have contacted them).
  3. At this point, the agency will either stop pursuing you and remove the account from your credit report or send you verification of the debt which should include additional information.
  4. If you receive verification of the debt, then the next step is to negotiate settlement and the removal of the account from your credit report. You do not want the account to linger on your report and damage your credit score. Contact the agency via phone or certified mail telling them that you are willing to settle the debt if they remove the instance from your credit report (this request is known as “paying for deletion”). Once they agree, try to get the agreement in writing.
  5. Next, pay the debt. I am not advocating or telling anyone to avoid paying debts that are rightfully yours. If you incurred the debt, then take responsibility and pay it. Having said that, try to negotiate with the collections agency to reduce or remove any late fees or interest penalties so you only owe the principal amount.
  6. Monitor your credit report to see if the account is removed. If you find that the account has not been removed, then dispute it directly with the credit bureau letting them know that the situation was resolved and the collections agency had agreed to remove the account.

A legitimate collections account

Recently, I received another notification that I had a collections account on my credit report. Knowing the hassle I had had several years ago, I expected more of the same. After sending the validation or verification letter, I received notice that I did indeed have a past due debt. Three years earlier, my wife (fiancé at the time) had illegally parked my car and received a parking ticket. We were married a short time later and forgot about the ticket in all of the excitement. We now owed over $100 for a $30 ticket. My wife called the agency, explained the situation, and they reduced the amount to $60. They also agreed to remove the account from my credit report. We happily paid, the account was removed, and my credit report remains clean of any blemishes today.

For more information on how your credit score is calculated and how you can increase or maintain it, read “How I had an 800 FICO score at age 24“.

Example Validation or Verification Letter

[City, State Zip Code]

Re: Account Number: [Account Number]

Amount of Claimed Debt: $[Amount]

I am writing to give you notice under the Fair Debt Collection Practices Act that I dispute the above-referenced debt and request that you verify it. I also request that you provide me with the name and address of the original creditor and copies of all documents which pertain to the above-referenced account and the alleged debt.

This letter shall also serve as a reminder that you must cease collection of the debt, or any disputed portion thereof, until you obtain verification of the debt and the name and address of the original creditor and mail that information to me.

Thank you for your prompt attention to this matter.


How To Remove Collections From Credit Reports

Remove collection account

Remove collection account

When you default on a credit obligation the original creditor will try to collect it from you directly. After enough time has passed, they’ll grow tired and either consign the debt to a collection agency, or sell it to a debt buyer. At this point you’ll likely start getting letters and phone calls from collection agencies attempting to collect the debt. They will also probably report the collection account to all three of the credit reporting agencies.

Remove collection account

Get your free monthly credit score#8211;no credit card required!

According to the Consumer Financial Protection Bureau (“CFPB”) some 40 percent of the disputes received by the credit reporting agencies in 2011 were specific to collection agency accounts. And while the context of those disputes is not public, it’s not a stretch to believe many, if not most, of the consumer disputes were filed in an attempt to get the collections removed from their credit report cards. That being said, here are some of the more common methods on how to get collections removed from your credit reports:

The Fair Credit Reporting Act (“FCRA”) is very clear on the matter of data accuracy. If a consumer challenges a collection account and the item cannot be verified, then it must be removed. The credit reporting agencies handle billions of data elements across hundreds of millions of consumers and mistakes can happen. If the collection is an error you should file a formal dispute directly with the credit reporting agency.

A collection can be erroneous for a variety of reasons. The collection can be older than seven years, which means it is outdated and must be removed. The collection may belong to an individual other than you, which means it must be removed. The collection may have been filed in error by the collection agency and never actually occurred, which means it must be removed. And finally, the collection agency may not be able to verify the accuracy of the collection account, which means the credit bureaus must remove it.

The credit reporting agencies are allowed to maintain collection accounts for up to seven years from the date the original account went into default. For example, if you defaulted on a medical bill in January 2010 any and all subsequent collections stemming from that default must be removed from your credit reports no later than January 2017. There are no exceptions to this rule and there is nothing you can do to cause that date to change…nothing.

Having said that, there are rumors about processes that can lead to the removal of collection accounts. The “pay for delete deal” is one of those rumors. There are people who suggest you can negotiate for the deletion of a collection account in exchange for payment to the collection agency. And while I’m sure this happens from time to time, any suggestion that this is a common or recognized practice is misleading.

Anyone who suggests there is a silver bullet for collections is being dishonest. The credit reporting agencies will not remove a collection if it’s correct and verifiable. If you were to read through their reporting standards’ guide you’d find several entries reminding collection agencies and other lenders that payment in full is not justification to remove a derogatory and accurate item.

If you#8217;re looking for how to remove medical collections from credit report#8230;

Unfortunately, the same rules apply. If you didn#8217;t pay the bill, there is no exception just because it#8217;s a medical collections.

Not only do collections have to be removed after seven years but their impact on your credit scores will subside as time passes. Credit scoring systems will actually start to reward you as your collections get older. Of course, that assumes you don’t have a bunch of other derogatory items on your credit reports.

If you have collections that you are unable to remove then you’re going to have to live with them and do your best to counterbalance their negative impact as much as possible. This can be accomplished by not missing payments on any other items and paying down your credit card debt as much as possible. After a few years you’ll be surprised just how much your credit scores have improved by doing nothing other than letting time pass.

More on Credit Scores from Credit Expert, John Ulzheimer:


remove collection account

Re-aged collections on your credit report can leave you getting turned down for loans and credit you actually qualify for simply because a collection agency is violating federal law. If you suspect that a collection agency is intentionally reporting the wrong dates to the credit bureaus in an effort to leave its black mark on your credit report for longer than the law allows, your first course of action should be to get a copy of your credit report from each credit bureau #8211; Experian, Equifax and TransUnion.

2. For whatever reason, the original creditor's tradeline no longer appears on the same credit report that the collection agency's tradeline appears on. This happens sometimes. Don't panic. Just check your other two credit reports for the matching creditor. It may be there, even if the collection agency doesn't report that that particular credit bureau.

3. The account has been illegally re-aged. Under no circumstances should a collection account for a debt remain on your credit report after the original creditor's tradeline has aged off the report. The reporting period applies to both the original creditor and its collectors simultaneously. If no original creditor on any of your credit reports matches the collection account, there's a good chance the debt has been re-aged.

4. The collection account isn't yours. Collection agencies frequently don't have the same wealth of information about you that original creditors do. Often all they have is a name and address. This can result in a collection agency adding their negative tradeline to the credit report of the person who most closely matches the information they have #8211; in some cases, the wrong person.

  1. The fact that the debt in question has been re-aged.
  2. The name of the original creditor, the date of first delinquency and the date the collection account should have been removed. If both the original creditor and the collection account remain on your credit report, you can dispute both simultaneously. If not, note that the credit bureau in question has already deleted the original creditor's tradeline in accordance with FCRA guidelines and that the collection account should have been removed at the same time.
  3. A copy of that credit bureau's file for you with the information in question highlighted.
  4. A request that the credit bureau immediately delete the information

If the Credit Bureau Doesn't Delete the Entry

  1. You recently requested the name and address of the original creditor from the collection agency and the date of first delinquency for that particular debt occurred more than 7 years ago.
  2. The credit bureaus deleted the original creditor's negative tradeline after 7 years and 180 days in compliance with the FCRA. The collection account should have been removed at the same time.
  3. You notified the credit bureaus of the discrepancy and the credit bureaus contacted the collection agency, which verified the dates were accurate when, in fact, they couldn't be if the original creditor for the account was accurate.
  4. The dates for the collection account were clearly re-aged #8211; an illegal practice under the FCRA.
  5. The collection agency must immediately delete its tradeline from your credit report to remain in compliance with federal law. If it does not, you will report the collection agency to the Federal Trade Commission for re-aging, contact your attorney general and file a lawsuit against the company for violating federal credit reporting practices.


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