Remove Collections From Your Credit Report
You will have to dispute the collection to have the credit bureaus remove it from your credit report. You must file a dispute directly with the bureaus.
A dispute letter must be sent to each bureau. In your letter you have to identify the mark you are disputing and why it is inaccurate and should be erased from your report.
You will have to send a copy of this letter to each credit bureau. Upon receipt of your letter the bureaus will conduct an investigation into the dispute.
It is common for investigations to result in the deletion of a mark. This is because most lenders and collection agencies are unwilling to spend the resources verifying uncollectible debts.
If the disputed item is verified then a credit repair service can be very helpful. This service will be able to use advanced dispute techniques such as; escalated dispute information requests, debt validation, and creditor direct intervention.
What is a collection?
A collection typically occurs after 6 months of delinquency. It is a last effort for lenders to collect payment for a debt.
It is common for lenders to have an in house collection agency. However many also outsource and/or sell the delinquent debt.
These agencies will purchase your debt for a fraction of the balance or they will work together with a lender. This means they will collect on behalf of the lender and receive a percentage of all the money they collect.
Be aware that if you just pay a collection it will remain on your credit report. It will change the status of the collection but paying it will not remove it from your report. Future lenders will still see the mark as a negative item even as a paid collection.
In sum you can remove collections from your credit report. You do not have to live with bad credit items for 7 years.
A dispute letter must be sent to each bureau. In your letter you have to identify the mark you are disputing and why it is inaccurate and should be erased from your report.
You will have to send a copy of this letter to each credit bureau. Upon receipt of your letter the bureaus will conduct an investigation into the dispute.
It is common for investigations to result in the deletion of a mark. This is because most lenders and collection agencies are unwilling to spend the resources verifying uncollectible debts.
If the disputed item is verified then a credit repair service can be very helpful. This service will be able to use advanced dispute techniques such as; escalated dispute information requests, debt validation, and creditor direct intervention.
What is a collection?
A collection typically occurs after 6 months of delinquency. It is a last effort for lenders to collect payment for a debt.
It is common for lenders to have an in house collection agency. However many also outsource and/or sell the delinquent debt.
These agencies will purchase your debt for a fraction of the balance or they will work together with a lender. This means they will collect on behalf of the lender and receive a percentage of all the money they collect.
Be aware that if you just pay a collection it will remain on your credit report. It will change the status of the collection but paying it will not remove it from your report. Future lenders will still see the mark as a negative item even as a paid collection.
In sum you can remove collections from your credit report. You do not have to live with bad credit items for 7 years.
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For a free credit repair letter to dispute bad credit on your report or to read a review of lexington law a suggested credit repair service visit us.
posted by Debt Consolidation Loan at
1:53 AM
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