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Posted: Thu Jul 19, 2007 4:22 am Subject: Removal from Credit Report

Can an item be removed from your credit report by negotiating with credit collectors?

Posted: Thu Jul 19, 2007 4:39 am Subject:

edgex -

If you have a debt that you wish to pay off, you might contact the creditor and negotiate a settlement with them, and ask them to send you the settlement in writing, with the condition that the item be reported to the credit bureaus as "paid as agreed" or "Paid in full" with no prejudice. You have to be careful doing so, though, because some creditors will not follow through, and will end up reporting the debt as "Paid under settlement for less than owed" or something like that.

The best way to have something REMOVED from your credit report is to dispute it with the credit bureaus directly - but that only works if the debt is being reported inaccurately and shouldn't be on your report.

Someone correct me if I'm wrong, but if you have a long-standing debt, or any existing debt that has shown up on your report, and it is accurately reported, you can't get it removed - you can only have the information corrected or have it marked paid in full.

I'm sure if I'm wrong about this, someone else will post the correct info - but this is my take on it.

Posted: Thu Jul 19, 2007 5:02 am Subject:

Sometimes yes. They key is to negotiating the removal before you pay them, and get it in writing that they agree to remove their tradelines from all three bureaus. Once they have your money, they probably will not do any favors for you, so you can't really go back after-the-fact and ask them to remove it.

Also, make sure you get this straight from the horse's mouth... directly from the company who is reporting the info. Many times the original creditor is the one reporting the informatioin to the bureaus, while they have a collection agency trying to get payment from you. The collection agency is in no position to alter the way that the original creditor reports to the bureaus. CAs will say they will remove the account, just to get you to pay, but it's not up to them to make that decision. If it is the original creditor still reporting your account, then you need to get from the OC that they will fix your credit report.

Outside of that, the only other way to get an account removed from your credit is to dispute it. However, Suebee is correct that simply disputing it doesn't guarantee it will be removed -- it just means they will be under an obligation to verify that the information being reported is true and correct.

Posted: Thu Jul 19, 2007 5:31 am Subject:

Hi

A negative item from your credit report can only be removed by credit reporting agencies. However you can dispute the information with the creditors and request them not to report it again. Under the FCRA, every consumer has a right to dispute inaccurate information with the credit bureaus as well as the creditors. Once the credit bureau is notified about your dispute, it will contact the creditor or the information provider and to verify the accuracy of the information. If the creditor is not able to prove the correctness of the information, then that item must be deleted.

orvett · Posted: Fri Oct 12, 2007 11:37 am Subject: a paid collection removal

once an account is paid in full can i get it removed andow is it reported

Posted: Fri Oct 12, 2007 12:13 pm Subject:

Accounts can be removed by the creditors who placed them with the credit bureaus.Debtcruncher brings up a good point of wheeling and dealing for this option and to get everything in writing.

Posted: Sat Oct 13, 2007 5:08 am Subject:

I've found that getting things in writing is our only arsenal at times to fight or deal with our situations. I've learned the hard way to get everything in writing.

Posted: Sat Oct 13, 2007 5:19 am Subject:

I have a few that I just paid off this year, through settlement, even though they promised me that they will send an update to the credit reporting agencies, I am going to send a copy of the "paid in full" myself, just to make sure it gets done.

After I do this, will a result of settled improve my credit score? Mine is awful with a capital AAAAA.

Posted: Sat Oct 13, 2007 5:57 am Subject:

Fed what was promised in the update to the credit bureau?

Posted: Mon Oct 15, 2007 1:49 pm Subject:

I have a question too about removing items from CR,

I question the SOL on it .. in NC promissory notes have a SOL of 5 years. In my case,I voluntary gave up my car, (hunk of junk LOL!) The 1st date of deliquency was 9/2001 which is about right.. the date of assigned was 4/06, the date reported was 8/07. date of last activity - says -"unknown"

but here is what I know I dont understand , equifax states all collections, are on for 7 yrs...

so with that info, just wondering, should this still be showing on my credit report?

Thanks !!!! Wink

Posted: Tue Oct 16, 2007 4:29 am Subject:

If the date of delinquency is 9/2001 as you stated,it can remain until 9/2008 for a total of 7 years.

Posted: Tue Oct 16, 2007 5:45 am Subject:

ok do you think I can dispute it off my report? since the SOL is 5 years?
because the wont the CB go back to the collection agency and let them know I dispute the item and why?

Thanks!

Posted: Tue Oct 16, 2007 6:43 am Subject:

Sol for civil action and reporting are different and controlled by two separate laws. Reporting is controlled by federal law and New York is the only state I am aware of which has a law shortening reporting period.

Posted: Tue Oct 16, 2007 9:16 am Subject:

I think I get it now. So I got another year to deal with it on my credit report, but, your saying the SOL on hitting me with any kind of judgement or whatever is bascially run out now. If they tried to sue me , I can say , well the SOL has run out.

Thanks!

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