How to Get a Debt Erased for a Good Reason

The Federal Trade Commission reports that there are two good reasons for erasing debt from your credit report. You can have the debt erased because it is outdated or because the debt information is wrong. Otherwise, positive debt information can remain on your credit report indefinitely and negative information, such as late payments, can be reported for at least seven years. Bankruptcy information can be reported for 10 years. The passage of time is the best remedy for an old debt. State statute of limitation laws regulate how long debt collectors can successfully sue you in court and the Fair Credit Reporting Act restricts how long the information can be reported.

Instructions

1

Order a copy of your credit report from AnnualCreditReport.com. The site, which is managed by the major credit bureaus, offers free credit reports under the terms of the Fair Credit Reporting Act. Visit the website to view and print your report (see Resources).

2

Read your credit report to find the debt information that you would like erased. Determine if the debt qualifies for removal because it is wrong, or because it has been posted more than seven years and is outdated.

3

Write a letter to the credit bureau demanding that the wrong or outdated debt information be removed. In your letter state what is wrong about the posted information. Or point out the date of last activity on the account if you are writing because the information is outdated. Include your name, address, Social Security number and the account name for the debt information you want erased.

4

Mail your letter to the credit bureau at its address on the credit report. Allow about 30 days for a response while the credit bureau investigates.