Repair Credit Report Help
How do you take an old account off of your credit report?
I have already started paying on my old accounts that were sent to collections. I want to repair my credit report. Can I take these accounts off my report once they are paid?
Public Comments
- Your credit report is a history book on your payment history. Paying the debts now does not change the fact that they were delinquent at some point. Its better to pay them than to leave them unpaid, but you can't remove them entirely. ALL accounts good or bad are removed after 7 years. (except chapter 7 bankruptcy, which stays for 10 years). The only way to have accounts removed faster than that is if they are inaccurate.
- The accounts will not be removed even if you pay them. They can be reported for 7 years after the account went delinquent. If any information in the trade line is incorrect, you can dispute it with the Credit Reporting Agencies. That may be enough to get it removed. Otherwise, you will have to deal with the agency reporting the debt to the credit bureaus. You may be able to negotiate with them to remove their entries once your debt is paid.
- They remain by law until 7 years after payment in full (accounts cannot be closed until paid in full). If you get them all paid off by the end of 2009, they will start falling off your reports in 2017.
- Smart A$$ gave the correct answer. The Fair Credit Reporting Act makes it impossible to have items deleted if reporting correctly. Now once you pay them off pull a new report after 30 days and then with proof dispute any inaccurate postings as they are quick to put them on there and slow to post paid collection. Always get any settlement in writing before you pay them off
- Derogatory items stay on your credit report 7-1/2 years from the date of first deficiency, whether you pay them or not. Paying these old debts will also not improve your score. The damage is already done. However, creditors look at your whole credit report, not just the score. Paid old debt looks better than unpaid. Be sure you get a written settlement agreement before you pay anything and do not give collectors direct access to your bank account. Try to settle for less than the full balance. Lump sum offers get the best deals and payment plans have to be very short term.
