Closed But Not Forgotten

Closed But Not Forgotten

When it comes to credit reports, all ends are not positive ends. For example, you might think that a closed account is a good thing, but it mostly depends on the account’s history. Essentially, if a closed account was in good standing, there’s no need to do anything but leave it on your credit report. If the closed account has negative remarks, like missed payments, you should do what you can to get it removed from your report. If you’re dealing with the latter, here’s some steps to take.

Dispute Inaccuracies

The first thing you’re going to want to do is dispute any inaccuracies on your credit report. You can start this process — with all three credit bureaus — online or by mail. As US News reports, you’ll need to provide the following info to the bureau: your name, account number, the information you’re disputing and documentation that shows why the dispute is valid. Once the bureau has this info, it investigates the claim and reports its findings to you within 30 days. If you win the dispute, the bureau is required to remove or correct the account.

Write a letter

Another way to try to remove a closed account that carries negative info is to try writing a letter to the creditor or lender. Your best chance is to explain why the negative situation happened, and how you’ve shown that it won’t happen again.

Hang On

If your letter doesn’t work, you might just have to wait things out. Any account with negative information in the payment history gets deleted seven years after it was added to your report. Depending on what the negative information says about you — and how prolific it is — you might not be too negatively impacted by just playing the waiting game.

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