Debt gone to collections? Get it removed in a jiffy
When your debt is transferred to a debt collector, it typically goes on your credit report. This can stay on your credit report for up to seven years. If you want the defaulted payment removed from your report, there are a few ways to go about it. Let’s take a closer look at removing debt collections from your credit history.
Taking Care Of Recent Debts
When you receive your first notice that a bill has gone to collections, confirm that the debt is yours. Demand a debt validation. You have up to 30 days from the time the collector first contacts you to request a debt validation. If they can’t provide proof of the debt in writing or fail to respond, the debt has to be removed from your credit report. Follow up after 30 days to be sure that the debt has been removed.
After the first six months, the original collection agency may sell your debt to another collector. If you’re attempting to settle after six months have elapsed, check with the original credit bureau and ask for the original mark on the credit report to be removed. This way you won’t have two strikes on your report for the same debt.
Pay Off The Debt And Request It Be Removed
Creditors respond well to money. If you have the money to pay off the debt, make sure to request that they remove it from your credit report in exchange for payment.
Make sure that the deletion is officially documented in a “Pay for Delete Letter.” Don’t just take their word in good faith. Ask for a signed copy of the letter via certified mail.
Make Sure The Debt Is Removed After Seven Years
Past due accounts can only remain on your credit report for up to seven years from the first date of delinquency. Make sure to document proof of when you first missed the payment. If the original debt was with a cable company, this would be the first email you received from them about your delinquency.
Creditors will sometimes try to use the date that the debt went to collections so that they can continue pursuing payment. This is foul play! Having proof gives you the upper hand when seven years is up.