Credit Experts? I have a question!?

Question

So I want to clean up my credit report over the next 6 months. I want to start by having the old paid off accounts completely deleted from my credit file. What is the best way to word a letter in order to have that done? Any templates to follow?

Answer 1

No one will remove a paid off account from your credit report just because you want it gone. That's not how credit works.

You really don't want to have old paid off accounts removed from your credit report because that shows your payment history if the pay off is less than 12 months old. Without payment history, you'll be less likely to obtain credit in the future and get lower interest rates.

I understand if you paid off something you paid off that was a slow pay or a charge off, that you'd want that removed, but that too, is a part of your credit history and will fall off by itself in 8 years as you continue to establish good credit and pay all you bills on time.

Answer 2

You won't be able to do that.  They will remain on your credit report for 7 years since the last date of activity on the account.

Answer 3

From what you are stating, it appears that you are requesting the removal of paid off items after they went delinquent or charged off (i.e. collection items).  True what others say that credit does not work this way.  However, there are ways to get around this supposed thinking.  Creditors, in their desperate wisdom, decided to make a compromise with consumers who fall behind on their bills.  It is called the pay for delete (PFD) compromise.  You pay off the debt and if the creditor agrees they will remove the item.  

In most cases, you want to do the PFD before you pay off the debt.  Otherwise, you have no negotiating leverage..

If you need more info, please feel free to e-mail..