How To Remove Collection Accounts??

1. Collection Account • How To Remove Collection Accounts?? www.infosolutions101.com

2. What is Collection Account?? A collection account is an individual’s loan that has been turned over to a third-party debt collection agency due to negligent payment practices of the borrower. An organization that specializes in debtcollection is known as a collection agency or debt collector. Most collectionagencies operate as agents of creditors. Debt collectors get paid when they recover a delinquent debt; the more they recover, the more they earn.

3. 5 Ways To Bury Your Debt Collection: Dispute the debt Pay for delete Ask for goodwill deletion Use debt validation When all else fails

4. Dispute The Debt: If the debt does not belong to you then, you need not to pay it and collectors aren't allowed to list it on your credit report. Use a credit report dispute to have the credit bureaus remove the debt from your credit report. Also, if the 7year reporting period is up (starting from when you first went delinquent with the original debt), dispute the debt from your credit report. Any proof you have regarding the first date of delinquency will strengthen your dispute. Collection accounts often change hands every six months or so. Debts are assigned and sold to other collectors, so there’s a strong possibility the collection agency listed on your credit report isn’t the agency that's currently collecting on the debt. When this happens, you can typically have the older collection removed by disputing it with the credit bureaus.

5. Pay For Delete: If you can't remove the debt by disputing it, you can negotiate with the collector to have the account removed from your credit report in exchange for payment. Send the collector a letter stating your interest in paying the account. Offer to make payment if the collector agrees to remove the entry from your credit report. If the debt collector agrees, ask for a signed copy of the letter to you to seal the agreement. That way, you have proof if there's ever a question about whether the debt collector received your mail. After you've paid the collection, check your credit report to make sure the entry has been deleted. If not, dispute it and provide the credit bureau with a copy of your agreement with the debt collector and proof of payment.

6. Ask For Goodwill Deletion: It may be a long shot, especially with collection agencies, but a goodwill deletion request is another option for having debt collections removed from your credit report. A goodwill letter works with accounts that you've already paid. In the letter, you essentially ask the collector to show some mercy, perhaps because you fell on hard times after a major life change, and remove the collection from your credit report.

7. Use Debt Validation: If the debt belongs to you, that doesn't mean the collector is legally able to collect from you. If the debt collector first contacted you within the past 30 days, you can request debt validation. This process requires the collector to provide proof that you owe the debt. If the collector can’t validate the debt or doesn’t respond to your request, the debt has to be removed from your credit report. This method involves leveraging the protections of the Fair Debt Collection Practices Act to force the collection agency to provide documentation that the debt is valid. It's one of the more aggressive techniques against the collection agency. It involves writing a letter to the collection agency, but if the collection agency is non responsive, it requires the threat of filing a lawsuit. 

8. When All Else Fails!! If you’re not able to get the collection account removed from your credit report, pay it anyway. A paid collection is better than an unpaid one and shows future lenders that you’ve taken care of your financial responsibilities. Once you've paid the collection, just wait out the credit reporting time limit and the account will fall off your credit report. If this seems a difficult task to do then you can consult to credit repair experts. They may guide you and help you remove errors from your credit report or to improve your credit score.

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