How to Remove Delinquencies From a Credit Report

Removing delinquent account entries from your credit report is entirely possible if you're willing to spend some money on it. Contrary to what lenders may initially tell you, all debts are simply contracts that can be renegotiated at any time. Creditors have a choice as to whether they report an account to the credit unions. It's well within the law for them to remove negative entries from credit reports, but they won't do it for free.

Instructions

1

Request a copy of your credit report from the three major credit bureaus (Transunion, Equifax and Experian). Find the delinquent account entry you would like removed from your credit report first. Take note of the company that owns the debt, the amount of the debt and their contact information. Even if the debt has been marked settled or paid in full, you can still get the entry deleted.

2

Contact the creditor and ask for a "pay for delete" on the account in return for a settlement offer. Start by offering 10 percent to 20 percent of the total amount owed and move up from there. Creditors will be more amenable to delete an entry from your report if you make an offer to them soon after the account becomes delinquent. If the person you are speaking to says that he can't delete credit report entries, ask for a supervisor. Although creditors are required to provide accurate information on the accounts they do report to the credit bureaus, they are not actually required to report the accounts themselves.

3

Ask that the agreement for the "pay for delete" be mailed to you in writing. Verbal agreements are very hard to prove, so wait until you receive a written agreement before you send payment. Ensure that you get an agreement to delete the entry from your report within 10 to 30 days of the creditor receiving payment. Otherwise, they may delay deleting the entry.

4

Send payment once you have received the written agreement to delete the account entry from your credit report.

5

Order your credit reports at least 30 days after you send payment for the deletion of the account. Once the delinquent entry is removed from your credit report, you should see a dramatic overnight improvement in your credit score.