How to Delete Derogatory Accounts on Credit Report

If you have any derogatory debt on your credit report, it will have a significant impact on your credit score. Your first thought may be to pay it off as soon as possible. However, this will not erase it from your report. The only way it will be erased is if the lender does this on your behalf.

Instructions

1. Contact the lender to whom you owe the money. This may be a collection agency or the original lender.

2. Tell the lender that you will pay off the debt in full if it promises to remove the derogatory account from your credit report. Do not pay the debt until you have this in writing.

3. Pay the debt in full. Your credit report should now say that the debt has been paid.

4. Contact the lender and refer to the guarantee it made to you to remove the derogatory account from your credit report. Insist that it do so right away.

Tips & Warnings

• If you've already paid off the debt, there's nothing you can do to remove it from your credit report. As time passes, it will have less and less impact on your credit score. It will expire on its own after seven years.

References

• True Credit Now