How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 28380
Experience:  Personal Investment, Tax Preparation
870116
Type Your Finance Question Here...
Lev is online now
A new question is answered every 9 seconds

How to clean a credit report?

This answer was rated:

How to clean a credit report?

Hello: This is Phillipsesq. Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

You need to first order your credit reports from the three main credit reporting agencies and review the information on the reports. If there are discrepancies, you need to dispute the information following the procedures for disputing information with the credit reporting agencies ("CRAs"). Pursuant to Fair Credit Reporting Act, the CRAs have up to 45 days to investigate the dispute and report back to you. The CRAs would send inquiry to the reporter of the information to either confirm or update the information. If the reporter ignores the inquiry, the CRAs would update the information in your favor by either deleting the information or correcting it.

If you have not ordered your credit report within the past 12 months, you can order the report for free.

Customer: replied 1 month ago.
Ok

You are quite Welcome!

Kindly take a minute and use the popup screen to give a 5-star rating to my response so that I can receive proper credit for addressing your concerns. There is no additional cost to you for giving a 5-star rating. Positive rating is how I get paid for answering questions on the site.

Thank you for your cooperation.

Customer: replied 1 month ago.
Ok

Thank you for your response.

Kindly use the popup screen to give a positive rating.

Thank you for your cooperation.

Customer: replied 1 month ago.
How long can an account that has been sent to collections stay on record?

In general, negative information more than seven years old from the date of last activity (ten years for bankruptcies) must be removed from your credit report.

Please see for reference following article that explains details.
http://blog.equifax.com/credit/faq-how-long-does-information-stay-on-my-credit-report/

Customer: replied 1 month ago.
I run into financial problems last years and accumulated nearly $30k in credit cards debt sent to collection. Now, I have the money to pay all of it.
What would be the best way to clear my credit? Is there a way or I would have to wait 7 years for this negative information to disappear?
Customer: replied 1 month ago.
ps i haven't paid them yet

You would not be able to remove that item from your credit report....
However - if you choose to pay if off - that will be on your credit report - as PAID - and that will increase your credit score.
After one year - if there is no other defaults - your credit score will increase even more.
Another option - if you need these money for other purposes - you may negotiate a payment plan with the creditor and stay current at least for one year - that will improve your credit score as well.
But you would not be able simply remove that negative item...

I am not sure if you do not like the answer or you do not like the information I provided...
Any case - if you need any clarification this matter - please let me know.

Customer: replied 1 month ago.
I was advised different from other lawyer.
I was recommended to contact the creditors and work out a settlement, and in good faith -in writing- they will contact the credit agency to erase the negative information.
Today, I was able to work out a deal with the bank and I'm waiting for a letter to pay off the debt
Customer: replied 1 month ago.
I believe your knowledge in the subject is limited that's why the 2 stars

The negative information may be ONLY removed from your credit report if posted by mistake.
As long as that is correct information - it may not be removed based on agreement.
I wish you the best of course - but do not believe that plan would work.

Customer: replied 1 month ago.
Ok

Here is information directly from the credit agency
http://www.experian.com/blogs/ask-experian/whats-the-best-way-to-correct-negative-credit-information-on-your-credit-report/

What’s the best way to correct negative credit information on your credit report?

Accurate negative information will remain in your credit report for seven years from the date of the late payment.

If an account is charged off and sent to collection accounts, the original account and the collection account will be deleted seven years from the date of the late payment that led to the charge off and collection. That date is called the original delinquency date and must be reported by the collection agency.

If you believe something is inaccurate on your credit report, you should dispute that information.

.

Disputing Errors on Credit Reports is allowed by the law - see here

https://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports

Under the FCRA, both the credit reporting company and the information provider (that is, the person, company, or organization that provides information about you to a credit reporting company) are responsible for correcting inaccurate or incomplete information in your report.

Here is Sample Letter for Disputing Errors on Your Credit Report

.

While you might not like that - please do not shoot the messenger..

Only if the creditor would admit they made a mistake reporting your account to the credit reporting agency - your negative item could be removed.
.

Sorry to have you disappointed.

I wish having better news for you.

I work very hard to formulate an informative and honest answer; please reciprocate my good faith.

Please rate me on the quality of my information; do not punish me for honesty.

If I tell you simply what you wish to hear, this would not be fair to you.

Lev, Tax Preparer
Category: Finance
Satisfied Customers: 28380
Experience: Personal Investment, Tax Preparation
Lev and other Finance Specialists are ready to help you