How To Get Closed Accounts Removed From Credit Report?
The length of credit history is not an issue, but having closed accounts is normal especially if one has been using credit for very many years. Nonetheless, it is worth noting that while closed accounts do not hurt, they can pull your credit score down in certain circumstances. If you ever closed a loan or credit card that you no longer use or which you have paid off then you should consider getting this removed from your credit report to increase your score. Below are the general instructions that may be helpful in terms of how to try and remove closed accounts from the credit report.
Find Out If the Account Is Eligible for Deletion The first is to go through the credit report and read through the closed accounts list to look for those that you would want to try to have removed. Then, it is advisable to dig deeper into the credit bureaus’ policy on the removal of closed accounts to know which accounts are eligible to be removed. Typically, the entries that have zero balance at the moment or have current late payments may be deleted if they have some requirements that have to do with age or the time the particular entry has been closed. The general policies of major credit bureaus are general, so it is necessary to read through the policies of the main credit bureaus Experian, Equifax, and TransUnion to discover each company’s peculiarities.
SUBMIT A REQUEST TO EACH OF THE THREE MAIN BUREAUS If you establish that any of the accounts in your credit reports are closed and meet the criteria of your policies for removal, then you will need to contact all three credit bureaus for its deletion. When requesting the bureaus most credit experts advise that one should forward the request through a written letter, signed, sealed, and mailed through certified mail with a return receipt to act as evidence in case anything goes wrong. You can also get a copy of your report from the bureaus through the Internet or by phone call, although it is always recommended to leave the paper trail behind. You will need to write to the three credit bureaus separately to get a copy of your credit report.
Make sure to add specificity to the requests you make. To expedite the removal of closed accounts, your requests should contain specific identification details so that the credit bureaus can identify the accounts you want to be removed. Remember to add your real first and second names, current addresses, Social Security numbers, and dates of birth to ensure your reports can be retrieved. The request should also specify the account or the accounts of such nature that you wish to be deleted in terms of account name, account number, type of loan or credit card, opening date, and closing date. Submitting all these details will eliminate confusion, and ensure that all your requests are adequately addressed.
This means that one should follow through on all the requests they make so that they can be able to get the results they want from those requests. That is why after you have made your requests for closed account removal, every credit bureau will have its way of addressing it. According to federal laws, they are obliged to inquire into your request. However, the whole process usually ranges from one to several weeks, most likely 30 to 45 days for most bureaus. Should they agree then your request will be granted and the closed account be deleted from your credit report, if they disagree then they shall deny the request stating that the account does not meet the set criteria for deletion. You will receive letters that determine the final results of your examination. If these accounts are deleted as you have asked, then within two months, you should be able to see improvements in scores depending on the impact that these changes have on your credit history.
CONSIDER SINGING DISPUTE LETTERS If one or more credit bureaus deny your requests to remove closed accounts you might wish to write additional dispute letters to the credit bureaus challenging the decision. This entails credit bureaus forwarding the claims to the respective departments to make necessary investigations. To support this, you should quote the exact reason given for not removing the account and then, give a detailed explanation of why the account should be removed by the stated policy. For instance, there could be circumstances where you might be asked to present evidence that indeed the accounts were timely settled with no outstanding balances or delayed payments at the end of the period. I also recommend that you provide as many details in the dispute letters as possible because this can help to make a better case to the bureaus if they reject your removal request earlier because of the wrong or insufficient data related to the account in your reports.
Enlisting Help Some consumers decide to use the services of credit repair firms not only for sending letters for account deletion but also for dealing with responses mentioning that deletion is impossible. However, it is important to note that many times credit counselors that are considered non-profit credit counseling agencies can also offer this help for little to no cost. Also, you have the right to get help from the consumer rights attorney in the event the credit bureaus continuously decline to delete accounts despite adhering to the correct processes for account deletion. Finally, insistence with professionalism when making the requests and when writing the dispute letters significantly enhances the likelihood and timeliness of the closed accounts removal request approval. Waiting for around two months since the initial inquiries can be done to check whether or not changes occurred and if further disputes will be necessary for the achievement of credit objectives.
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