Collection accounts are typically seriously past due accounts that have been assigned to an attorney or collection agency. A collection agency is usually hired after a company has made multiple attempts to collect money that they believe is owed to them. Collection accounts can remain on your credit report for 7 years from the date of the initial missed payment that led to the collection (the original delinquency date). The following techniques will teach you how to remove collections from your credit reports. What the Credit Bureaus Don't Want You to Know:1. A study released by the U.S. Public Interest Research Group in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake.2. Once you dispute an account, it must be proven or it cannot remain on your report. If the credit bureau cannot verify the item when investigated, it must be removed from your file whether or not it's true.3. Every negative item on your report can be denied or challenged at any time. The credit bureau must re-investigate every time it is challenged and if the item cannot be verified within a "reasonable amount of time", it must be removed from the file.4. Many times the creditor does not re-verify in time or the credit bureau is busy and does not handle your dispute properly. It must then be deleted.5. The older an item, the more difficult it is to verify. Creditors seldom keep records for longer than a couple years.Steps to Repair Your Credit:1. Obtain your three credit reports.2. Review the reports and locate the collection accounts.3. Dispute the collection accounts with the credit bureaus.
In order to remove a bankruptcy, you must remove everything else from your credit report first, here is why?
If you have a bankruptcy and several accounts under it entitled ?included in bankruptcy? the credit bureaus will simply assume it's accurate since you have accounts that are covered under bankruptcy protection.
The First Steps: Go over your credit report very carefully. If you live at an address other then the address where you filed, have it removed. Debts are often tied to addresses.
Then, dispute and remove every account showing as ?included in bankruptcy?. This shouldn't be hard since creditors have very little incentive to verify the information. Why would they? They can't get paid on it.
This process can take several months be patient, I promise it will pay off. Let's look at how bankruptcy files are stored; it is the key to successfully removing it from your credit report.
How your bankruptcy is filed and stored. After two years, your file is moved from the local court at which you filed, to a central storage facility. If you go to your local court and request to see your file, they will have to order it and have it brought back to the court.
Have them order it. The time it takes to arrive is about a week. Once it arrives they will put it in a special place and notify you that it has arrived.
Let me back up for a moment. Once you order your BK file, wait about 3 days and then send a dispute to the credit bureaus. They will then call the ?storage facility? where your bankruptcy file should be ? and discover it won't be.
It will be either in transition back to your local court, or already there and waiting for you to come view it.
Stall tactics are the key. Once your file arrives back to the local court, they will start calling you to come view it. It is very important that you delay as long as possible. Remember, credit bureaus have 30 days to verify any disputed debts and it's very important you keep your file in that ?holding room? for as long as you can.
Tell them, you're extremely busy at work, but will be there Monday. Call Monday and inform them you had an out of town meeting and promise to be there Friday. What you're trying to accomplish is keeping that file on hold the entire 30 days while the credit bureaus tries to verify its existence.
Both Chane Steiner & Marc Chase are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Chane Steiner has sinced written about articles on various topics from Finances, Credit Loans and Free Credit Report Score. For more information on and other negative items from your creditreports, visit the. Chane Steiner's top article generates over 3600 views. to your Favourites.
Marc Chase has sinced written about articles on various topics from Credit Loans, Free Credit Report Score and Gardening. Marc Chase is a Partner at MyCreditGroup.Com ? A nationally recognized authority on credit report repair. His company is used by agencies such as The Department of Defense, Washington Mutual, Country Wide bank and they have been featured in several presti. Marc Chase's top article generates over 3600 views. to your Favourites.