Otherwise the account will continue to be reported. 2 provide copies of any evidence you have proving the debt doesn t belong to you.
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How to get a settled debt removed from credit report. Usually you are given a few weeks to settle the debt before reporting to the credit bureaus. Typically though settling a debt is considered better than not paying it at all. The now paid collection item stays on your report for seven years from the time your account becomes delinquent.
However they may also report it immediately. Paid off closed accounts typically remain on your credit reports for seven or 10 years but if you want yours removed sooner you could try a goodwill letter a goodwill letter is one you write to the creditor asking them to remove the negative information such as a record of late payments. It s your responsibility to verify that settled accounts if they remain on your credit report show up correctly.
If a collector keeps a debt on your credit report past the seven and a half years you can dispute the debt and have it removed. Because creditors are not required to report information to a credit reporting agency when you negotiate a debt settlement ask to have any negative information about the debt removed from your credit files. If at all possible it is best to work out a settlement arrangement with the collection company before it is listed on your report.
Once you settle your accounts they won t be removed from your credit report unless this is part of your negotiation with the creditor or collector. Report the collections account and ask to have it removed from your credit report. Even if the debt belongs to you that doesn t mean the collector is legally able to collect from you.
If they refuse to cooperate you can contact the credit bureaus directly and contest the faulty information. The collection agency might tell you that they can t make that decision only the original creditor can remove the information. This is especially true if you have proof of the start of the delinquency.
Occasionally errors occur and unpaid or settled debts are listed on the wrong credit report. They will work out a payment arrangement with you. In such instances you must contact the creditors in question and ask them to rectify the mistake.
Paying off a collection account also doesn t remove it from your credit report. You should never settle a debt without first obtaining a written guarantee from the lender to remove all negative information pertaining to the debt from your credit history.