Collections are never fun. They destroy your credit score and can remain on your credit report for up to 7 years, making you an undesirable candidate for a loan. Removing a debt collection account from your credit report isn’t always an easy task.
This is why you should always hire a professional credit repair expert to handle the job on your behalf.
How To Remove A Collection Account From Your Credit Report
Removing a collection account from your credit report involves the same set of steps as it takes for just about any other negative item on your credit report. When you remove collections from your credit report, you’ll find that your credit score will steadily increase over time.
Having bad credit can prevent you from doing certain things in life, like renting an apartment, putting a down payment on a home, or buying a car. And, not to mention, no credit lender will give you a loan.
Federal laws allow negative information to be reported for 7 years from the date that you first started to fall behind the original creditor. However, having the credit bureaus remove a collection account from your credit report can be tricky. Not everyone’s offer gets accepted on the first try.
This is why you should make sure to do your research first when dealing with this type of situation. Make sure that you have all of your financial documents and credit history records present when dealing with the credit bureaus. This documentation will act as evidentiary support for when you’re making your case.
Negotiate A Pay For Delete Offer With Creditors
A pay for delete offer describes a pay-off to the creditors. This means that you’re offering to pay the remaining balance of your debt in exchange for a deletion of the collection account record from your credit report.
Not every creditor will accept this offer, but most will. You’ve got nothing to lose by asking if you can negotiate a pay for delete offer. Give it a try and see how it goes!
Will Removing A Collection Account Increase My Credit Score?
Removing a collection account record from your credit report will significantly increase your credit score. When you have negative information deleted or removed from your credit report, you’d be surprised how greatly it can affect your credit score.
In fact, having negative items, like collection accounts, removed from your credit report is the first thing that you should do in your credit repair efforts. At My Credit Advice, we can help you increase your credit score in a number of ways, including having your collection account removed from your credit report.
Dispute, Dispute, Dispute
A debt collection agency cannot report inaccurate information that is showcased on your credit file. It’s 100% illegal. So, if you have a collection account on your credit report, you are able to dispute or request that the collection account be removed as long as you pay the bill.
Most creditors will honor your request. Additionally, if any of this information is incomplete or inaccurate, then you have the legal right to dispute the collection account with the credit bureau. The creditor must confirm or deny within 30 days, and if they don’t comply, then they must remove it – period.
If you notice a mistake on your credit report stating that a debt collection is yours when, in fact, it isn’t yours, then you must dispute, dispute, and dispute some more! Of course, we are happy to handle that on your behalf so that you don’t have to worry about a thing.
We’ll dispute any and all inaccuracies with your credit file so that everything is on the up-and-up. Whether your debts are paid or unpaid, we can help you figure everything out so that you can regain your financial freedom once again. We’ll work hard to have your collection account removed from your report so that we can work on rebuilding your credit.
We’ll help you file a dispute with all 3 credit bureaus – Equifax, Experian, and TransUnion. We’ll make sure that all of your credit cards get paid off and that there is only accurate information displayed on your credit report.