Lauren Smith, WalletHub Staff Writer
@laurenellesmith
You cannot remove a closed accounts from your credit report unless the information listed is incorrect. If the entry is an error, you can file a dispute with the three major credit bureaus to have it removed, but the information will remain on your report for 7-10 years if it is accurate.
How To File a Dispute To Remove a closed accounts From Your Credit Report
- Review your credit report to locate the closed accounts.
- Investigate the entry to confirm it is inaccurate.
- Choose a dispute method (online, phone or mail) if the information is not accurate.
- File your dispute via the chosen method.
- Wait for the results (30 to 45 days).
If the information is correct and you pay off the outstanding debt, you can then ask the lender via phone or in writing to make a goodwill adjustment, removing the derogatory mark from your credit report. Although the lender is under no legal obligation to do so, goodwill requests are successful in many cases.
Note, the lender may also sell your debt to a collection agency, if it remains unpaid. The agency has the right to pursue further legal action against you.
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How long do closed accounts stay on my credit report?
Closed accounts stay on your credit report for 7 to 10 years, depending on whether the accounts are closed in good standing. When you close an account that is in good standing, with a positive payment history, you can expect the account to remain on your credit report for 10 years following the closing date.
On the other hand, if you close an account with a history of delinquent payments without bringing the account...
read full answerHow do I remove negative items from my credit report before 7 years?
You can remove negative items from your credit report before 7 years passes by filing a dispute with the three major credit bureaus, assuming the negative items are inaccurate. Accurate information typically cannot be removed from your credit report early. You can ask the creditor to make a goodwill adjustment or negotiate a “pay for delete” arrangement to remove the items, but the company has no legal obligation to do so.
How To Remove Negative Information From Credit Reports...
read full answerWill paying off a collection remove it from my credit report?
Paying off a collection won’t remove it from your credit report. Negative information can still remain on your credit report for a period of 7 years. Typically, the only way to remove a collection account from your credit reports is by disputing it, and that only applies if the collection account is a product of error or fraud.
If the account is legitimate but has been paid, contact the collection agency to request a goodwill...
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