Collections can stay on your credit report for up to seven years regardless of whether you pay them or not. This is particularly troublesome because paying a collection account could actually lower your credit score. However, if you can prove that the debt is not yours, the credit bureau is obligated to remove the collection from your report. In this article, we will look at how you can get Real Time Resolutions off your credit report.
What Is A Credit Report?
Your credit report is a record of your credit history. It includes information about where you live, how you pay your bills, and whether you’ve been sued or filed for bankruptcy. It also includes records of your credit inquiries and any instances when you’ve been denied credit.
Each of the three major credit bureaus maintains files on consumers. You can order one free copy of your credit report from each bureau every year.
What Does A Debt Collection Agency Do?
A debt collection agency is a company that tries to collect money that is owed to someone else. The agency may try to contact the person who owes them money, or it may try to get the money from the person’s assets.
How Long Can A Collection Stay On My Credit Report?
A collection can stay on your credit report for up to seven years, regardless of whether you pay it or not. However, if you can prove that the debt is not yours, the credit bureau is obligated to remove the collection from your report.
Can I Remove A Collection From My Credit Report If I Pay The Debt?
Paying a collection account could actually lower your credit score. However, if you read the Bills.com take on how to deal with real time resolutions, you’ll see that you have options when dealing with their calls.
1) Dispute The Collection Account
First, you’ll need to dispute the collection account with the credit bureau. You can do this online or by mail. Be sure to include evidence that shows you don’t owe the debt, such as a receipt for payment or a letter from the creditor stating that you don’t owe the debt.
If the credit bureau can’t verify that the debt is yours, they will remove the collection account from your credit report. However, if they can verify that the debt is yours, you’ll need to take steps to pay it or have it removed from it.
2) Negotiate With The Creditor
You can try negotiating with the creditor to have the debt forgiven or reduced. If that doesn’t work, you could consider filing for bankruptcy. However, keep in mind that bankruptcy can have a negative impact on your credit score. If you’re able to pay the debt, be sure to get a letter from the creditor stating that the debt has been paid in full. Then, send this letter to the credit bureau to have the collection account removed from your credit report.
3) When To Remove A Collection Account
It’s important to note that you should only try to remove a collection account from it if you’re confident that you can pay it off or negotiate a settlement. Otherwise, you could end up damaging your credit score even further.
4) Credit Counseling Services
If you’re struggling to pay your debts, contact a credit counseling service for help. They can work with you to develop a debt repayment plan that fits your budget.
5) Credit Repair Services
You can also try using a credit repair service to help improve your credit score. These services can dispute inaccurate and negative information on your credit report, which could help you get approved for a loan or mortgage in the future.
6) Don’t Lose Hope
Removing a collection account from your credit report can be challenging, but it’s worth trying if you think it will improve your credit score. By following these steps, you can improve your chances of success.
There You Have It
If you’d like more information about how to get Real Time Resolutions off your credit report, contact the credit bureau or the creditor. You can also consult with a credit counselor or credit repair service for help.