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Thread: How to get Creditor to Remove from Credit Report

  1. #1
    God/dess cinammonkisses's Avatar
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    Default How to get Creditor to Remove from Credit Report

    What is the best way to get your credit report free of the "potentially negative" info that's on your report? Alot of my accounts now say, "PAID IN FULL" and I have the letters to back this up. But, how can I get the credit bureaus to just completely erase it all. I don't even want my report saying I have debt, whether it's paid in full or not?

    Any suggestions??







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  2. #2
    God/dess Deogol's Avatar
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    Default Re: How to get Creditor to Remove from Credit Report

    It just is not going to happen. A lot of the loans and credit card agreements have fine print about reporting to the credit agencies. Add to that the credit agencies don't see YOU as the customer but the loan providers and the credit providers as their customers. Just be glad it says PAID IN FULL.

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    God/dess VenusGoddess's Avatar
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    Default Re: How to get Creditor to Remove from Credit Report

    Well, it's better to have stuff show paid in full than to not have anything on there. The only way to get that info off is to wait 7 years and then request the info be deleted.

    You have a right to have correct/valid information showing on your credit report...however, the companies have the right to report your activity with them, negative or not.

    If you keep your nose clean (paying bills on time, etc) for 12-24 months, usually most lenders will overlook past "wrongs".

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    Featured Member Vamp's Avatar
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    Default Re: How to get Creditor to Remove from Credit Report

    It really depends on what you mean by negative information.

    If it is a collection after it is paid in full it should be removed in a few months. If it is a settled collection, meaning you agreed to pay a lower amount than the over all balence do, it will be on your report for several years still. If it is a late payment those can be disputed online and stay on your report for several years. If it is a bankruptcy it can take seven to ten years for it to be removed

    It takes a month or two for payments to show up on a credit report in general. The information is only updated monthly. So like any statement it takes time for the numbers and information to catch up.

    You can always write letters and send copies of the information you have to the credit reporting agencies. Equifax, Transunion, and Experian all have websites with alot of information about filing a dispute with them. You can also dispute items online. It never hurts to dispute an item on your credit report. If you think it shouldn't be there dispute it. Doesnt always mean it will go away but then again it just might.

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    Default Re: How to get Creditor to Remove from Credit Report

    The way credfit repair companies and those who learned the proper way to get items removed is this:

    Creditors tend to purge old info from their files making it unverifiable BEFORE 6 years and 9 months (the legal time a negative account can be reported).The trime frame varies by creditor.

    Therefore, if you attempt to dispute a negative account on your file at 2 years old, chances are the account will not ge deleted from your credit report, where at 5 years it very well may come off by dispute.

    This is key:

    Let's say you owed Macys money and they charged off your account 5/03. It shows on your three bureaus as an R-9 (Revolving account, 9 means charge off) Macys then sells the account to Reliable Collections Inc, and Reliable Collections also becomes an entry on your report for the balance Macy's charged off, plus a collection fee. This occurs 10/03. Now the new entry has caused the debt to remain for 5 more months.

    Relaible Collections, Inc. cannot collect the debt as you have moved and left no forwarding addy, and by 11/04 a new collection agency, Quick Collections, Inc. has picked up the debt. Now the 6 years and 9 months starts from the date Quick Collections gets the debt.

    Let's say Quick collections skip traces you and you agree to pay them for the debt 5/05. You did not get them to agree in writing to get them to delete the account if paid, so as of 5/05 the account shows paid collection on all 3 bureaus. Guess what, now the collection account which was originally charged off 5/03 can stay on your reports 6 years and 9 months from 5/05. So 7 years turned into 9.

    Be aware that 7 years of bad credit RESTARTS from the date you pay off a derogatory account.

    It is better if you have some old collections and have moved, and have no traceable income to be garnished (as most of you don't being dancers) to try to dispute the account as not being yours around the 4.5-5 year mark. Do not put your new unknown address on the dispute letter as it will be entered on your bureaus. The original creditor probably can't readily verify your account as it has been purged from their system, thus it will be removed from your bureaus, and if the collection agency saw from the getgo that you are "unlocatable" they may have purged your account too and your negative entry will be removed.

    7 years can easily turn into 9 or 10 years if your account keeps getting moved to another agency so NEVER settle an account with no guarantee of deletion IN WRITING.

    The larger the account, the more apt an agency's supervisor is to honor the deletion, but it will take persistence.

    There are some attorney's out there who specialize in Credit Law and a letter and negotiation from them can many times yield a clean report as attornies have clout. If you have come into some money and want to clean up your reports, this is a way to go.

    If judgments are involved, they will be deleted 6 years and 9 months from the filing date, but if you have an unpaid judgment and an agency or third party offers to buy that judgment from the filer, that judgment purchaser can file a motion with the court to have it deleted from the credit bureaus since it has been paid. That is a trick used to get judgments off of credit reports.

    The mortgage industry will many times deemphasize negative entries that occurred 2 years ago if paid, but in the revolving credit and unsecured credit arena, any negative trade lines usually results in credit denial.

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    God/dess VenusGoddess's Avatar
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    Default Re: How to get Creditor to Remove from Credit Report

    Tina, I was under the assumption (oopsy) that ANYTHING that was 7 years old would fall off. If an account got sold to a collection agency, then the original debt would fall off in 7 years regardless of what happened on the collection accounts...

    Are you saying that it DOESN'T happen that way? All neg info stays on according to the LAST collection activity? Even if the original creditor does not have the file anymore?

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    Featured Member Vamp's Avatar
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    Default Re: How to get Creditor to Remove from Credit Report

    I am not sure about all this.

    I had a collections on my credit report. I went thru credit counseling. I paid off the collection and it was removed from my account within a few months.

    Is paying off a collection going to remove it from my credit report?
    Unfortunately, the answer is no. If you are unable to negotiate the way the account will appear on your credit report, what will happen is that the debt will appear on your credit report as "Paid", or "Paid Collection". This will help your credit score only marginally, but having this collection paid is definitely better than unpaid


    http://www.creditinfocenter.com/rebu...goffdebt.shtml

    I say dispute it and see what happens.

    Changing addresses around isnt going to help either. If you use the address for any mail if will show up on your credit report. Mine did. I lived somewhere for a short time. It was never listed with any loan, credit card, or accounts. The address shows up on my credit report. It sounds like a way to scam the credit reporting agencies. If it is an honest debt you owe it. It has already been paid and it should be removed. I have had several things removed from my report by working within the system. It really isnt that hard.

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    God/dess Gynger's Avatar
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    Default Re: How to get Creditor to Remove from Credit Report

    Even if you pay something five years after it is reported as delinquent, it creates a new date, which will extend it out- it will reflect PAID but then it will extend the amount of time it will reflect on the report.

    I just cleaned mine up.. literally. I sent nasty-grams, certified, four times over and finally got all of my paid collections removed that were causing me to fall below a good score. It can happen, you just have to be persistent. Sometimes even calling the creditor and explaining your situation and asking them to remove it will help, two of my old creditors did that for me, when I explained that the debt was not mine legally, but I also had a court document that stated that those two bills were my ex's responsibility. I have heard though of some people contacting the original creditors after they have paid them off and the creditors removing it. It doesn't hurt to ask, the worst they can say is no.


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    Default Re: How to get Creditor to Remove from Credit Report

    I would also add that 'settlements' do not qualify as 'paid in full'. In other words, if you accept a 'settlement' such as paying $2000 towards a $3000 outstanding bill in exchange for the collection agency and original creditor agreeing to stop hounding you, the $1000 difference that you actually owed but didn't actually pay will continue to haunt your credit report.

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    Default Re: How to get Creditor to Remove from Credit Report

    If they are unwilling to remove your neg information, you can always write to each of the credit bureaus to add a note. There are websites that provide information on how to handle this and what you should include in your note.

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    Temporarily Banned Vaughn's Avatar
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    Default Re: How to get Creditor to Remove from Credit Report

    What about a company that committed contract fraud? I had an alarm company do a bait and switch job and now they are demanding some $700 from me, which I have refused to pay. They have sent me to collections at this point and I have sent a certified letter of dispute and reported them to the BBB.

    Do I have to take this to court to prove my case or is there a better or easier way to get this off my credit report?

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