Any past due accounts such as credit cards, bank loans, auto loans, student loans, department store loans, etc. will show up on your credit score and remain negative for seven years or more, you can take action to get this older account off your report.
The simple tips below will help you get rid of this negative mark on your report which can take up to 60 days to be removed.
Find and print a copy of your credit report from all three bureaus. The three reports may differ in some ways but the information should be pretty similar and include:
• List of negative accounts
• credit limits, balances, amount of credit used on accounts
• Previous dates on when payments were made and if late
• Previous oldest account.
You can search online for information on how to dispute any errors listed in your report.
If there is a negative account listed on your report, contact the credit bureaus by phone to let them know of the discrepancy and request to remove it either by simply calling their toll free number or by writing a letter. Keep a copy of all correspondence.
If the negative item is accurate, contact the company or creditor directly by phone. If you are paying off a debt on a credit card, ask them to send a letter to the credit bureaus stating the details of the settlement. If you are going to pay a charge off, ask the creditor to report it correctly, stating the settlement amount, date of the payment, and the interest rate.
It may be easier to negotiate with the original creditor, although if you have gone to collections, you might be able to negotiate with them with a lower settlement offer.
If you are unsuccessful in either changing or removing the information from your credit reports, some options are available or you can consult a reputable credit repair company. More detailed information is available online and this is the best way to fix and repair scores.
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