How do I clear caid debt from my credit report?

Question

I paid off a bunch of old debt roughly a year ago. It shows as paid on my credit report but I want it to be erased....how do I do this?

Answer 1

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Answer 2

you can send a letter to the credit agency telling them to remove your paid debt. I think you need to show proof

Answer 3

Sorry but it is too late to do anything now.  You should have asked for a "pay to delete" agreement in writing before payment was made.

The creditors have their money now and I doubt they would bother to process the paperwork to have it removed from your credit report.

The good news is it will only remain on your report for a total of 7 1/2 yrs dating from the date of last delinquency.  This is as per the FCRA

Running of Reporting Period - Section 605 [15 U.S.C. § 1681c]

As of December 29, 1997 the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "last missed payment:).

So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct "delinquent or last missed payment" date (month and year) that preceded the creditor's action.

3. Example after Dec 29, 1997:

A payment was due on January 10, 2000 but, you failed to make that payment and never made another payment. The Creditor waits until August 2000 to take action (charge off, send to collections, sell/transfer debt, etc.) on the debt.

The 180 day count began on January 2000, (your last missed payment month) and runs until July 2000 at which time the seven (7) year reporting period begins and runs until July 2007.

Hope this answers your question

LEGAL DISCLAIMER:  The advice contained herein is for informational purposes only.  It is not to be construed as Legal Counsel nor Legal Advice.

Answer 4

Arghh you waited to long..you don't have the negotiating power to do a 'pay for delete' which what you should have done BEFORE you paid off the debt(s). So uhmm you gotta wait out the 6 more years like everyone else.

Answer 5

you have to wait till it falls off.

Answer 6

You need to go back to your creditors and ask them to contact all three credit reporting agencies and request removal. Make sure to be very nice but show them kindly how the derogatories effect your currently good credit. Also ask them to send you a copy of the correspondence so that you may follow up as well. Good Luck it will take persistence

Answer 7

It won't be erased unless you have a written agreement with the creditors that they will delete the negative upon receipt of payment.

If you do not have this, the items will stay on your reports as a negative for 7 years.

The good thing is, the bulk of your credit scores is based on the last 24 months.  So in another year, you should see an increase.

Just be sure to rebuild as soon as possible or  scores will remain low.

Answer 8

Paying them off does not automatically erase them from your report. You will need to dispute the late payment inorder to have them removed/erased. http://www.badcreditfixup.com/improving-...