Lauren Smith, WalletHub Staff Writer
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.
You can check your credit report for free and also access personalized tips on how to improve your score here at WalletHub.
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