Most people do not know that you have the ability to remove collection accounts your credit report. More times than not there are usually two reasons that collection accounts are placed on your credit report. One, either you could not pay them due to an economic crisis or two, the collection amount was placed as an error and / or fraud and you were not aware that the collection account was there in the first place.
Negative credit entries are not meant to remain on your report; they are not permanent. In order to remove the collection item correctly you will first need to find out how long the item has been on your report by getting a copy of all three of your credit reports from each bureau-Equifax, Transunion, and Experian. Once you have the reports find each negative account, and highlight it. When highlighting each item pay very close attention to the date of each negative item.
If the account is more than seven years old it needs to be deleted. You can request a deletion by writing a dispute letter to each bureau. Please do not try to put more than one claim in a letter; this will be seen as a "frivolous" claim, and there is a very good chance that your request for deletion of the item will be denied!
There is still hope for your credit as there is an exception to every rule: collection accounts do not have to be seven years old to be deleted. Want to know some even better news? It can be easier to remove collection accounts as this process does not always happen as it should. In order to repair your own credit you must be aware of laws that regulate consumer rights, creditors, and credit bureaus.
You must also have patience as repairing credit takes a lot of time when you are doing it yourself. However, if you do not have time to fix your own credit you can hire a credit repair law firm; the downfall to this? You have to have money. However, if you do decide to pay for a credit repair firm think of the money that you have to pay them as an investment; your credit is worth it.