Ways How to Remove Settled Accounts From Your Credit Report Fast

iEditorial Note: These blog posts represent the opinion of DoNotPay’s Writers, but each person’s situation and circumstances vary greatly. As a result, you should make sure to do your own independent research. Because everyone is unique, our self-help tools are never guaranteed to help with any specific situation. DoNotPay is not a law firm and is not licensed to practice law. DoNotPay provides a platform for legal information and self-help.

Remove Settled Accounts From Your Credit Report Fast to Boost Your Credit Score

You notice that your credit score is dropping, so naturally, you access your credit report to determine the cause. You discover the problem is one or more settled accounts. Many people do not realize that settled accounts typically remain on your credit report for seven years. This is unless you can remove settled accounts from your credit report. Understandably, you want to raise your credit score as high as possible. The higher your credit score, the more likely you are to get approved for loans for homes, vehicles, recreational vehicles, etc.

Furthermore, those with higher credit scores receive better interest rates. Attempting to remove settled accounts on your own is a time-consuming process with a high likelihood of failure. The good news is that DoNotPay offers a faster, more convenient, automated, and less frustrating way to .

What Is a Settled Account on Your Credit Report?

A is one that you have either paid in full or negotiated with the lender to pay less than the entire balance. They are also known as collection accounts. Settled accounts can be loans, credit cards, or unpaid bills such as medical expenses. Even though it is considered a negative to settle for less than the total amount, it is still a better option than a past due balance.

What Should I Look For on My Credit Reports?

When reviewing your credit reports, there are four areas that you should look at:

Personally Identifiable InformationThis section will contain your full legal name, social security number, date of birth, and any available employment information.
Credit AccountsWhen you accept a loan, the lender will report the account to the credit bureaus. The information includes the loan amount, balance, payment history, and the date the account was opened.
Credit InquiriesWhen applying for a line of credit or loan, lenders will pull a copy of your credit in either the form of a "hard" or "soft" inquiry. "Soft" inquiries do not affect your credit score, and "hard" inquiries can cause your credit score to decrease.
Public Record and CollectionsIn this section, you will find information such as bankruptcies and overdue debts that are public records.

Strategies on Successfully Disputing Your Credit Report

There are several strategies you can use to dispute your credit report because of inaccuracies in order to get settled accounts removed:

  • File a dispute directly with the credit reporting agency - Write and submit a letter of dispute explaining inaccuracies in the credit report. You must explain the inaccuracy thoroughly and that you want it to be removed. Submit any documents that support your claim.
  • Submit a letter of dispute with the reporting business - Another option is to submit a letter of dispute to the business that reported the debt, explaining the inaccuracies that you want to be removed.
  • Hire a credit repair service - Credit repair services can help you remove errors, dispute inaccuracies, and handle negotiations.
  • Saturation technique - Submit a letter of dispute to as many people as possible in order to increase your chances of having the settled account removed.

DoNotPay is a fantastic and effective alternative that offers all of these solutions and more under one roof.

How to Remove Settled Accounts From Credit Reports on Your Own

Removing settled accounts for your credit report can be challenging because, as mentioned earlier, these accounts typically stay on your credit report for seven years and can only be removed in specific situations. Here are the steps you should take if you decide to attempt to remove settled accounts on your own:

  1. Dispute the settled accounts you wish to close.
  2. Carefully analyze your credit report, loan, and account for any inaccurate information.
  3. Contact one of the credit bureaus.
  4. File your dispute by providing your name, account number, why you're disputing it, and supporting documentation.
  5. Wait while the credit bureau looks into your dispute. They have 30 days to begin the investigation process.
  6. You will be notified by mail if the credit bureau finds any merit to your dispute.
  7. The settled account will be removed if inaccuracies are confirmed.
  8. If inaccuracies weren't found and neither the lender nor credit bureau will budge, you will have to wait it out.

As you can see, this can be an incredibly frustrating process that will take a great deal of time and no guarantee that you will be successful. The good news is that DoNotPay offers a much easier alternative that increases your chances of success in getting settled accounts removed from your credit report.

Solve Problem of How to Remove Settled Accounts From Credit Reports

If you want to clean up your credit report but don't know where to start, DoNotPay has you covered in 3 easy steps:

  1. Search Clean Credit Report on DoNotPay.

  2. Prepare a recent copy of your credit report that you can use as reference.

  3. Let us guide you through the 4 potential options:
  1. If you've already paid off your debt, we'll help you file a Goodwill Removal Request to get it removed.

  2. If you notice any errors in your report (we have a list of common errors you can use!), we'll help you file a credit dispute to the creditor or major credit bureaus.

  3. If there are no errors, we'll check if you're still eligible to file a debt validation request. If they can't validate your debt, they're required to remove it from your report, and they can't collect it!

  4. Lastly, if none of the above options work, we'll help you file a pay-to-delete negotiation letter. You can customize the amount you are willing to pay in exchange for getting the item removed.

You can also check out our other credit products, including Credit Limit Increase, Get My Credit Report, Keep Unused Cards Active, and more by clicking here.

Receive Compensation for an Unresolved Credit Report Dispute

Many people do not realize that you have the legal right to dispute inaccuracies in your credit report under the Fair Consumer Reporting Act. Once you've officially filed a dispute, the credit bureau is legally obligated to look into the dispute and let you know their findings. If they deny your dispute, you have the right to take further action. The inaccurate information negatively affects your life by affecting the loans you can qualify for. You deserve compensation, and DoNotPay can help you. As the world's first robot lawyer, you can sue anyone in small claims court with just the click of a button from the comfort of your home.

Why Use DoNotPay to Remove Settled Accounts From Credit Reports Quicker

DoNotPay is the best way to get settled accounts removed from your credit report. It is fast. You do not have to spend countless hours fighting with the credit bureaus. It is easy. Let us keep track of all the steps you need to take to get your settled accounts removed. It is successful. You can rest assured that we will make your best case for you.

What Else Can DoNotPay Do?

Helping you remove settled accounts from your credit report is not the only thing DoNotPay can help with. Do you need to appeal financial aid or help with bills? We are here to help.

Want More Information?

DoNotPay can help with just about any aspect of straightening out your credit. Check out these other helpful articles:

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