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I have some "Collection Closed" in my credit report - how can I delete them?

I have settle with my finacial companies and paid them off. So now I see them reporting "Collection Closed" in my credit report. Is there anyway I can delete them completly?

 
Dimo78

Asked by Dimo78 at 4:04 PM on Jun. 22, 2011 in Money & Work

Level 2 (4 Credits)
This question is closed.
Answers (5)
  • It will take a number of years for them to fall off. There is no way for you to delete them unless they are false claims, which you take up with the specific company. Your report should tell you what month and year you can expect the drop-off.
    ImaginationMama

    Answer by ImaginationMama at 4:10 PM on Jun. 22, 2011

  • Here's how I did it, I contacted the company I had the outstanding account with, not the collection company and spoke with the accounting department and explained to them the situation and asked them (be nice) to see if they could removed it from my credit report. It didn't work everytime, but it did twice. Most of the times when a debt has been settled you can negociate the removal of the information on your credit with the company. Good luck!
    The secret is to be nice and if they tell you know go over their head and try the next person. Don't give up!
    JaniceMc27

    Answer by JaniceMc27 at 4:21 PM on Jun. 22, 2011

  • I believe they "go away" after 7 years. Even though it is settled it will remain on there for that period of time.
    mommy_of_two388

    Answer by mommy_of_two388 at 4:07 PM on Jun. 22, 2011

  • Your credit report will take approximately two months to show that the account was paid off. The negative collection activity can stay on your credit report for up to 7 1/2 years from when you stopped paying on the account.

    Lenders do look at factors other than just the FICO score. Many lenders view paying off old debt as a sign of goodwill and credit worthiness by the borrower. Therefore, do not be overly focused on credit score because the lender will look beyond the score to see patterns of payments and commitment to financial obligations. Doing the right thing in the way of paying off an old debt goes a long way with many lenders in considering whether to extend new debt. Here are some links that will help you get more information about credit repair and credit scores:

    FTC.gov - Your Rights: Credit Reporting

    • FTC.gov - Credit Reports & Scoring

    • MyFICO.com - Free Credit Education Booklets Available for Download

    artsygirl2010

    Answer by artsygirl2010 at 4:25 PM on Jun. 22, 2011

  • You would have had more barganing power had you negotiated that into the settlement before hand! But you can always call or write and ask, and KEEP asking to have it removed..otherwise..its on there for 7 years!
    sweetstkissez22

    Answer by sweetstkissez22 at 4:44 PM on Jun. 22, 2011