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Depending on how much a credit claims you owe, even a single collections account on your credit reports can do some serious damage to your credit rating. Collections for smaller dollar amounts don't hurt your credit score as much, but if you have a number of these negative listings listed on your credit reports, it shouldn't come as a surprise when your credit isn't as good as you would prefer it to be. Regardless of whether a is reported for $100, $500, $1,000 or more, your credit rating would probably be better if it didn't appear on your credit reports. Just about everyone would want to have this damaging credit listing deleted, but few realize there is something they can do about it. What they are not aware of is that there are steps you can take in an effort to delete collection accounts from your credit reports. In fact, Lexington Law, a consumer advocacy law firm with 18 years of experience helping over 1/2 million Americans work to improve their credit, reports that their clients had over 250,000 collections removed from their credit reports in 2008. You have a number of options when it comes to cleaning up your credit. Under the Fair Credit Reporting Act, you can request the credit bureaus verify any items in your credit reports you feel may be inaccurate, untimely, misleading, incomplete, ambiguous, unverifiable, biased or unclear (known as "questionable" items). Essentially, you are able to to question any items in your credit reports that you feel give lenders, employers, and others an unfair or inaccurate impression of your credit worthiness; including collections. If your credit bureau dispute doesn't result in a removal or if the reported collections account does not qualify as a questionable negative item, there are still options available to you. Your creditors and collections agencies have the ability to remove the items they have added to your credit reports whenever they have reason to do so. On occasion, simply as a result of you asking nicely, they will agree to stop reporting a negative item. If a friendly request doesn't do the job, there are more confrontational tactics you can employ based on your rights under consumer protection statutes such as the Fair Credit Billing Act and the Fair Debt Collection Practices Act. It isn't necessarily easy, but with time, effort, and proper knowledge, you may be able to remove collections accounts from your credit reports. Of course, if you do not have the time or the desire to attempt repairing your own credit, there are a number of reputable credit repair companies who can use their experience to assist you in working towards achieving your credit goals.
Since 1991, Lexington Law's credit repair services have been helping clients legally dispute the questionable negative items in their credit reports. In 2008, Lexington Law's clients saw over 250,000 collections accounts removed from their credit reports (combined removals for all three credit bureaus).
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