You will have to dispute the collection to have the credit bureaus remove it from your credit report. You must file a dispute directly with the bureaus.
You file a dispute by creating a dispute letter. In this letter you must identify the mark being disputed and provide a reason as to why it is inaccurate and should be removed.
Then a copy of this letter must be sent to each credit bureau. When the bureaus receive your letter and deem it valid they will investigate the disputed mark.
Frequently investigations result in marks being removed from credit reports. Many lenders and collection agencies will not spend the man hours or money to verify disputed debts.
If your dispute is verified then having a credit repair service can be very beneficial. They can use advanced dispute techniques to remove a bad credit item. These techniques include; debt validation, escalated dispute information requests, and creditor direct intervention.
What is a collection?
A collection typically occurs after 6 months of delinquency. It is a last effort for lenders to collect payment for a debt.
Most lenders have some form of in house collection. However many also will use an outside collection agency and/or sell your account.
These agencies will purchase your debt for a fraction of the balance or they will work together with a lender. This means they will collect on behalf of the lender and receive a percentage of all the money they collect.
You should know that if you just pay a collection then the mark will remain on your credit report. It will change the status of the mark but it will still be seen as a negative item by potential lenders.
In sum you can remove collections from your credit report. You do not have to live with bad credit items for 7 years.
You file a dispute by creating a dispute letter. In this letter you must identify the mark being disputed and provide a reason as to why it is inaccurate and should be removed.
Then a copy of this letter must be sent to each credit bureau. When the bureaus receive your letter and deem it valid they will investigate the disputed mark.
Frequently investigations result in marks being removed from credit reports. Many lenders and collection agencies will not spend the man hours or money to verify disputed debts.
If your dispute is verified then having a credit repair service can be very beneficial. They can use advanced dispute techniques to remove a bad credit item. These techniques include; debt validation, escalated dispute information requests, and creditor direct intervention.
What is a collection?
A collection typically occurs after 6 months of delinquency. It is a last effort for lenders to collect payment for a debt.
Most lenders have some form of in house collection. However many also will use an outside collection agency and/or sell your account.
These agencies will purchase your debt for a fraction of the balance or they will work together with a lender. This means they will collect on behalf of the lender and receive a percentage of all the money they collect.
You should know that if you just pay a collection then the mark will remain on your credit report. It will change the status of the mark but it will still be seen as a negative item by potential lenders.
In sum you can remove collections from your credit report. You do not have to live with bad credit items for 7 years.
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For a free sample dispute letter to remove bad credit items on your report or to learn about how you can remove nco financial a common collection agency from your credit visit us.
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