How to Remove Collections on Your Credit Report

Collections happen for many reasons. Whether you didn't pay an account because you didn't have the money or whether you accidentally missed a payment because you forgot. They can show up on your credit report with out you even knowing you owed anyone. They can also come unlawfully from accounts that you are linked to and the creditor has placed you with the money owed. Either way you shouldn't have to live with the collection forever.

The statue of limitations on a collection account is 7 years. That means the collection agency has the right to report that collection to the credit bureaus for 7 years after the last action on the account. Collection agencies have ways of going around this though. They will resell the account to other agencies and continue to report the account as long as the money is owed.

Collections

Only the credit bureaus and the collection agency can remove a collection from your account. It is always a good idea to have the account paid, on a payment plan or fighting it in court before you begin trying to remove it off your credit report.

Creditor

Collection agencies want their money and will negotiate to get it. Always try to negotiate the removal of the listing before you pay off the account. This way you have some leverage on removing the collection on your credit report. Make sure it is in writing though, because once the account is paid off they have no reason to help you.

Credit Bureau

Disputing the collection to the credit bureaus is your right under the Fair Credit Reporting Act. When you dispute an account or ask for verification on it, the credit bureaus have 30 days to verify the account or it must be removed. This will most likely not work if you owe a lot of money on the account or it is very recent. The credit bureaus will mark your account as frivolous if you make statements or allegations that aren't true.

Like said before it is always a good idea to pay off any accounts you owe. So whether you do it through the creditor or the credit bureau make sure you do it right or you could make things worse. Credit experts can help you with their expertise in this area.

How to Remove Collections on Your Credit Report

The leaders in credit repair have removed collections off thousands of client's credit reports. Lexington Law Firm has removed 73,828 collections in 2008 alone. So whether you do it yourself or hire an experienced expert for removing collections, check out your options and good luck. Contact them directly with any questions on what they can do for you at 1-800-223-7615.