Credit Repair
Removing Settled Debts from Your Credit Report
This article is taken from the web page following link:
http://ezinearticles.com/?Removing-Settled-Debts-from-Your-Credit-Report&id=987831
NOTE: Many people have tried this, it works!
THIS IS THE ARTICLE: I believe that once you've paid a debt, it
should be removed from your credit reports. However, the credit
bureaus disagree. In fact, by law they are able to report it for up to 7
years from the date it was paid. But, here's the good news: Also by
law, you are permitted to dispute any account on your credit report
that you choose. Once you dispute an account on your credit report,
the credit bureau contacts the creditor to verify the item. The creditor
has 30 days to verify the account. More often than not, if the account
is paid, the creditor will not bother verifying it and if the account is old,
lots of times they don't keep the records and are unable to verify it. If
that happens, it must be removed from your credit reports immediately.
If the investigation results come back as "verified", you have the right
to request the credit bureau's and collector's method of verification.
You should immediately send them a letter requesting verification.
There is no limit to how many times you can dispute the account with
the credit bureaus. Usually, if they are going to remove the account,
they will do it with in the first couple disputes, but I've seen accounts
be removed after up to 15 disputes. Sometimes you just have to keep
on them. You can also contact the creditor directly and ask them to
remove the account. This should always be done BEFORE you pay
the account. Offer to pay the account if they will promise to delete it
from your credit report. Get the agreement in writing; especially if
you're dealing with a collection agency. If you've already paid the
account, you won't have much negotiating power. But, it won't
hurt to ask the debt collector to properly validate the debt. Writing a
debt validation letter is a great way to put pressure on the debt
collector to remove an account from your credit report. Just because
you've paid an account does not mean that you agree that
the account is yours. And many times, if you have paid the debt, the
debt collector will remove it from your report. All they wanted was their
money. They really have no reason to leave it on your credit report
and risk being sued.
This article is taken from the web page following link:
http://ezinearticles.com/?Removing-Settled-Debts-from-Your-Credit-Report&id=987831
NOTE: Many people have tried this, it works!
THIS IS THE ARTICLE: I believe that once you've paid a debt, it
should be removed from your credit reports. However, the credit
bureaus disagree. In fact, by law they are able to report it for up to 7
years from the date it was paid. But, here's the good news: Also by
law, you are permitted to dispute any account on your credit report
that you choose. Once you dispute an account on your credit report,
the credit bureau contacts the creditor to verify the item. The creditor
has 30 days to verify the account. More often than not, if the account
is paid, the creditor will not bother verifying it and if the account is old,
lots of times they don't keep the records and are unable to verify it. If
that happens, it must be removed from your credit reports immediately.
If the investigation results come back as "verified", you have the right
to request the credit bureau's and collector's method of verification.
You should immediately send them a letter requesting verification.
There is no limit to how many times you can dispute the account with
the credit bureaus. Usually, if they are going to remove the account,
they will do it with in the first couple disputes, but I've seen accounts
be removed after up to 15 disputes. Sometimes you just have to keep
on them. You can also contact the creditor directly and ask them to
remove the account. This should always be done BEFORE you pay
the account. Offer to pay the account if they will promise to delete it
from your credit report. Get the agreement in writing; especially if
you're dealing with a collection agency. If you've already paid the
account, you won't have much negotiating power. But, it won't
hurt to ask the debt collector to properly validate the debt. Writing a
debt validation letter is a great way to put pressure on the debt
collector to remove an account from your credit report. Just because
you've paid an account does not mean that you agree that
the account is yours. And many times, if you have paid the debt, the
debt collector will remove it from your report. All they wanted was their
money. They really have no reason to leave it on your credit report
and risk being sued.
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| Those who have tried this with creditors, settled debts & disputed accounts say it works! |