Debt Collection Agencies – How To Get Rid Of Debt Collections From My Credit Report
Collection accounts are one of the most common negative entries on credit reports. Most credit report collections are the result of delinquent accounts that have been sold to third-party collection companies for a portion of the original debt owed. In this article, I will give you methods to delete such accounts from your credit report to improve your credit score.
There are two main reasons why you may find collection accounts on your report, either it is a case of mistaken identity or you have failed to make payments on a credit account and the account has been referred to a collection agency. In either case, there are steps you can take to remove the items from your credit report.
Mistaken Identity – It is estimated that a large number of credit reports contain errors and it is not unusual for someone with the same name as yours to have their collection account appear on your credit report. In this case, you can delete the account with a simple letter to the credit bureaus.
You want to send them a letter stating the account in question on your credit report, send them a copy of your ID with your signature as proof that you don’t own the account. Upon receipt of your letter, they must investigate your request and delete the item if no proof is found that the account is valid.
Collection Accounts You Own – On the other hand, if you have a collection account on your credit report because you’ve fallen on hard times, your approach may be a little different. If the account is older, you can still try to dispute it with the credit bureaus by letter. Many people have had success with these methods with accounts they own due to the fact that the creditor/collection agency does not maintain proper records to prove the accuracy and validity of the account.
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