Remove Collections From Your Credit Report
You will have to dispute the collection to have the credit bureaus remove it from your credit report. You must file a dispute directly with the bureaus.
You will have to create a dispute letter and send it to each credit bureau. In your letter you have to say what mark you are disputing and give a reason as to why that mark is inaccurate.
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.
Often an instigation results in the removal of a bad credit item. This happens because many collection agencies and lenders will not spend the time or money verifying a disputed debt.
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 typically occurs after 6 months of delinquency. It is a last effort for lenders to collect payment for a debt.
Most lenders have some form of in house collection. However many also will use an outside collection agency and/or sell your account.
Collection agencies will either buy your debt for a fraction of the balance or they will collect on a commission basis. Meaning they will be paid a percentage of every dollar collected.
You should know that if you just pay a collection then the mark will remain on your credit report. It will change the status of the mark but it will still be seen as a negative item 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 will have to create a dispute letter and send it to each credit bureau. In your letter you have to say what mark you are disputing and give a reason as to why that mark is inaccurate.
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.
Often an instigation results in the removal of a bad credit item. This happens because many collection agencies and lenders will not spend the time or money verifying a disputed debt.
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 typically occurs after 6 months of delinquency. It is a last effort for lenders to collect payment for a debt.
Most lenders have some form of in house collection. However many also will use an outside collection agency and/or sell your account.
Collection agencies will either buy your debt for a fraction of the balance or they will collect on a commission basis. Meaning they will be paid a percentage of every dollar collected.
You should know that if you just pay a collection then the mark will remain on your credit report. It will change the status of the mark but it will still be seen as a negative item 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:
How you can remove a negative mark from lvnv funding a common collection agency or to read an article about what is a charge off visit us.
posted by Debt Consolidation Loan at
8:32 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home