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franklyspeaking

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getting rid of closed collections
I have several closed collections that have been paid in full from 2011 when the job market crashed and I was out of work. They are still having a negative impact on my report as I did not know at the time I paid them to request they be dropped from being reported. Is there a way and if so how do I go about getting these to be removed from my reports? Thanks for any advise, we are trying to buy a home in the next 6 months or so and desperately need to get our credit rating to increase!

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Your options are limited

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Unfortunately there is no way to remove closed collection accounts unless you write a letter directly to the creditor you are being reported by and asking for a "goodwill" adjustment to remove the account from your credit report.  Just understand that they don’t have to do this and if they are already paid off, they probably rather not even address the issue further. 

However, if you had asked for validation prior to paying for the debt, you may have been able to negotiate a ‘paid for removal’ agreement.  Meaning that you would only pay them if they agree to remove the collection from your report.  Having deals like this in writing would help you tremendously after you pay them in full or a negotiated settlement amount should it still be on your credit after you pay.  Mostly because all you have to do then is send a copy to the credit bureau and prove the creditor agreed to remove it.

Unfortunately the only other way to remove the paid accounts is to wait for 7 years after the last payment was made.

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