Is it possible to delete collection accounts from my credit reports?
- By Stuart Hunter
- Published 11/30/2009
- Credit
- Unrated
Is it possible to delete collection accounts from my credit reports?
Depending on how much a credit claims you owe, even a single collections account on your credit reports can do some serious damage to your credit score.
Collections accounts for smaller dollar amounts don't count as heavily against your credit score, but if you have a number of these negative listings listed on your credit reports, it shouldn't come as a surprise when your credit isn't as good as you would prefer it to be.
Whether a collections is reported for $100, $500, $1,000 or more, your credit score would probably be higher if it didn't show up on your credit reports at all. Almost everyone would prefer to have this derogatory listing cleaned up, but few realize there is something they can do about it. What they are not aware of is that there are steps you can take in an effort to delete collections accounts from your credit reports. In fact, Lexington Law, a consumer advocacy law firm with 18 years of experience helping over 1/2 million Americans work to improve their credit, reports that their clients had over 250,000 collections accounts removed from their credit reports in 2008.
You have a number of options when it comes to fixing your credit. Under the Fair Credit Reporting Act (FCRA), you can request the credit bureaus verify any items in your credit reports you feel may be inaccurate, untimely, misleading, incomplete, ambiguous, unverifiable, biased or unclear (known as "questionable" items). Essentially, you have the right to question any items in your credit reports that you feel give lenders, insurance providers, and others an unfair impression of your credit worthiness; including collection accounts.
If a credit bureau dispute is unsuccessful or if the reported collection account doesn't qualify as a questionable negative item, there are still options available to you. Your creditors and collections agencies have the ability to remove the items they have added to your credit reports whenever they have reason to do so. On occasion, simply as a result of you asking nicely, they will agree to stop reporting a negative item. If a friendly request fails to produce results, there are a number of more confrontational tactics you can employ based on your rights under consumer protection laws such as the Fair Credit Billing Act and the Fair Debt Collection Practices Act.
It may not be easy, but with time, effort, and proper knowledge, you may be able to remove collection accounts from your credit reports. Of course, if you do not have the time or the desire to attempt repairing your own credit, there are a number of reputable credit repair companies who will make use of their experience to aid you in working towards your credit goals.
Collections accounts for smaller dollar amounts don't count as heavily against your credit score, but if you have a number of these negative listings listed on your credit reports, it shouldn't come as a surprise when your credit isn't as good as you would prefer it to be.
Whether a collections is reported for $100, $500, $1,000 or more, your credit score would probably be higher if it didn't show up on your credit reports at all. Almost everyone would prefer to have this derogatory listing cleaned up, but few realize there is something they can do about it. What they are not aware of is that there are steps you can take in an effort to delete collections accounts from your credit reports. In fact, Lexington Law, a consumer advocacy law firm with 18 years of experience helping over 1/2 million Americans work to improve their credit, reports that their clients had over 250,000 collections accounts removed from their credit reports in 2008.
You have a number of options when it comes to fixing your credit. Under the Fair Credit Reporting Act (FCRA), you can request the credit bureaus verify any items in your credit reports you feel may be inaccurate, untimely, misleading, incomplete, ambiguous, unverifiable, biased or unclear (known as "questionable" items). Essentially, you have the right to question any items in your credit reports that you feel give lenders, insurance providers, and others an unfair impression of your credit worthiness; including collection accounts.
If a credit bureau dispute is unsuccessful or if the reported collection account doesn't qualify as a questionable negative item, there are still options available to you. Your creditors and collections agencies have the ability to remove the items they have added to your credit reports whenever they have reason to do so. On occasion, simply as a result of you asking nicely, they will agree to stop reporting a negative item. If a friendly request fails to produce results, there are a number of more confrontational tactics you can employ based on your rights under consumer protection laws such as the Fair Credit Billing Act and the Fair Debt Collection Practices Act.
It may not be easy, but with time, effort, and proper knowledge, you may be able to remove collection accounts from your credit reports. Of course, if you do not have the time or the desire to attempt repairing your own credit, there are a number of reputable credit repair companies who will make use of their experience to aid you in working towards your credit goals.
Stuart Hunter
Providing credit repair services since 1991, Lexington Law has helped over 500,000 clients legally take on their credit. Last year alone, Lexington Law helped clients remove over 600,000 negative items from their credit reports.
View all articles by Stuart Hunter