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Can you edit your credit report?
l thought what was on your credit history could not be removed unless it was in error. Today, l read a couple of questions regarding pay and delete; that claimed if they paid what they owe the negative information would be removed. l thought that wasn't possible. l was taught in a classroom, in the US, that as long as the information was true, even if it was negative, it would stay out there for the 7 years. Has that changed? Is it new?? l don't see the point of credit history if you can remove the very things that credors need to see.
3 Answers
- anywhooLv 61 decade agoFavorite Answer
Regardless if an account is positive or negative, a creditor or collector does not 'have' to report at all.
- bdancer222Lv 71 decade ago
It is possible to negotiate pay for delete agreements with some collection agencies for single entry items like medical or utility bills. These are much harder to come by as more collection agencies are complying with the credit bureau policy of not removing legitimate negatives.
The credit bureaus are private companies. The FCRA requires that derogatory items age off your credit report 7-1/2 years from the date of first deficiency (default). There is no law that requires creditors or collection agencies to report anything to the credit bureaus.
Source(s): BD - Irv SLv 71 decade ago
A credit report is not a criminal recored.
Two different sets of laws, (and 7 Yr.s, iirc, applies only to mis-demeanors.
You're stuck with felonies.)
The outstanding debt, once payed is naturally removed from the credit report.
What may, or may not be removed, is that you were late paying it.
