Tips on Removing Collections

| January 9, 2012 | 0 Comments
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It is very important to know that collections aren’t the best things to show up on  your  credit report.  Yes, this is so in spite of a collection affecting one’s credit report less severely over the years since this entry remains in your credit report for up to seven “good” years for creditors as well as lenders in the future to access and then scrutinize. The ideal option for addressing this is in removing collections entirely from one’s report.

Challenge it if it is not yours

If the debt is not yours, then you are not obligated to pay for it. In addition, collectors are not permitted to have it listed on your report. Therefore, avail yourself of a credit report dispute for removing collections to correct this and have it removed by the credit bureau. Even when such debt is yours, the concerned collector or any other firm or institution might not be legally capable of collecting this debt from you. If you have been contacted in the last 30 days by the collector, it is possible to validate this debt. The process involved requires debt collecting firm to provide evidence that you owe the concerned debt. If this cannot be validated by the collector, then debt must be deleted from your report.

Challenge when Debt Collectors Sell

Collection accounts will usually change hands once in every 6 months or thereabout. Debts are allocated and bought by other collector firms, so it is very much possible that the collection firm listed on one’s report is not the one presently collecting your debt. If this is the case, you can work towards removing collections simply by having it disputed or challenged with the credit bureau agencies.

Pay for Entry Removal

If it is not possible to get rid of a debt by challenging it, then discuss with the debt collector in having this account removed from your report in order to pay for same. After which you should state in a letter to the collector of your willingness or wish to pay for the account. Make an offer to pay the collecting firm should they agree to remove entry of this collector account from your report.

You can request for the return of a duly signed copy of this letter so that this agreement can be sealed. All correspondence should be through certified mail ensuring that return receipts are requested. This way, there is evidence if ever any question arises about the collector receiving your mail. Once you have paid the collector, confirm that this entry no longer exist in your report. If this is not the case provide credit bureau with agreement copy as well as payment evidence made towards removing collections from your report.

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Category: Blog, Credit Bureaus, Remove Collections

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