Can I have closed accounts removed from my credit report?

Dear OWE, Yes! One of the good things about your credit report is that negative information and closed accounts are deleted so that you can rebuild a damaged credit history. A closed account with late payments in its history will be deleted seven years from the original delinquency date of the account.
A.

How long does it take for a collection to be removed from credit report?

Collection accounts stay on the credit report for seven years from the original delinquency date of the original debt, or the date of the first missed payment after which the account was no longer brought current. You may see both the collection account and the account with your original creditor on the credit report.
  • Can a creditor remove a collection from credit report?

    Yes. Paid collection accounts may be reported for seven years plus 180 days from the date you first fell behind with the original creditor (the medical provider). Paying a collection account does not mean it will be removed from your credit reports. Collection accounts may be paid for 7.5 years, paid or unpaid.
  • What is a pay for delete?

    Sometimes referred to as "pay-for-delete," this behind-the-scenes practice can be an option when a debtor offers to pay the delinquent debt in full (or, in some cases, settle it for less than what is owed), if the collection agency will erase the record of the collection from your credit report.
  • How fast can you raise your credit score?

    Amounts Owed Tips
    1. Keep balances low on credit cards and other "revolving credit".
    2. Pay off debt rather than moving it around.
    3. Don't close unused credit cards as a short-term strategy to raise your scores.
    4. Don't open a number of new credit cards that you don't need, just to increase your available credit.
B.

Can a creditor remove a collection from credit report?

Yes. Paid collection accounts may be reported for seven years plus 180 days from the date you first fell behind with the original creditor (the medical provider). Paying a collection account does not mean it will be removed from your credit reports. Collection accounts may be paid for 7.5 years, paid or unpaid.
  • Can paying off collections raise your credit score?

    What FICO is saying here is that paying off a debt in collections won't improve your score. One of the big three credit reporting agencies, Experian, agrees. Paying the debt won't necessarily help your credit scores. Accounts that get to the collection stage are about as negative as it gets.
  • Can creditor remove derogatory?

    Negotiate removal of derogatory accounts directly with your creditor. Creditors are not required to remove derogatory accounts from your credit report if the information is accurate. However, some creditors may be willing to negotiate a removal if you pay your account in full or make a reasonable payment offer.
  • What is a pay for delete?

    Sometimes referred to as "pay-for-delete," this behind-the-scenes practice can be an option when a debtor offers to pay the delinquent debt in full (or, in some cases, settle it for less than what is owed), if the collection agency will erase the record of the collection from your credit report.

Updated: 19th October 2018

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