Remove Collections From Your Credit Report
You must dispute a collection, to remove it from your credit report. This dispute needs to be filed with the credit bureaus.
You file a dispute by creating a dispute letter. In this letter you must identify the mark being disputed and provide a reason as to why it is inaccurate and should be removed.
A copy of this letter needs to be sent to each credit bureau. When the bureaus get a valid dispute letter they must investigate the disputed mark.
It is common for investigations to result in the deletion of a mark. This is because most lenders and collection agencies are unwilling to spend the resources verifying uncollectible debts.
If your dispute is verified then having a credit repair service can be very beneficial. They can use advanced dispute techniques to remove a bad credit item. These techniques include; debt validation, escalated dispute information requests, and creditor direct intervention.
What is a collection?
A collection is a lenders last resort to collect on a delinquent account. Typically your account will go to collections after 6 months of delinquency.
It is common for lenders to have an in house collection agency. However many also outsource and/or sell the delinquent debt.
These agencies will purchase your debt for a fraction of the balance or they will work together with a lender. This means they will collect on behalf of the lender and receive a percentage of all the money they collect.
An important tip to know is that if you get a collection on your credit report and just pay it, the negative mark will not be removed from your credit. Instead it will just change the status of the collection. The mark will remain and it will still be seen as a negative mark by potential lenders.
In sum you do not have to live with bad credit marks on your report. You can dispute them and have them removed by the credit bureaus.
You file a dispute by creating a dispute letter. In this letter you must identify the mark being disputed and provide a reason as to why it is inaccurate and should be removed.
A copy of this letter needs to be sent to each credit bureau. When the bureaus get a valid dispute letter they must investigate the disputed mark.
It is common for investigations to result in the deletion of a mark. This is because most lenders and collection agencies are unwilling to spend the resources verifying uncollectible debts.
If your dispute is verified then having a credit repair service can be very beneficial. They can use advanced dispute techniques to remove a bad credit item. These techniques include; debt validation, escalated dispute information requests, and creditor direct intervention.
What is a collection?
A collection is a lenders last resort to collect on a delinquent account. Typically your account will go to collections after 6 months of delinquency.
It is common for lenders to have an in house collection agency. However many also outsource and/or sell the delinquent debt.
These agencies will purchase your debt for a fraction of the balance or they will work together with a lender. This means they will collect on behalf of the lender and receive a percentage of all the money they collect.
An important tip to know is that if you get a collection on your credit report and just pay it, the negative mark will not be removed from your credit. Instead it will just change the status of the collection. The mark will remain and it will still be seen as a negative mark by potential lenders.
In sum you do not have to live with bad credit marks on your report. You can dispute them and have them removed by the credit bureaus.
About the Author:
For a free sample dispute letter to remove bad credit items on your report or to learn about how you can remove nco financial a common collection agency from your credit visit us.
posted by Debt Consolidation Loan at
3:38 PM
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