I was recently refused a loan. Upon further investigation, I found that I have a default on my credit report from O2. My contract with O2 ended 3 years ago. The default was put on this year but I had received nothing to inform me that there was an outstanding amount to be paid, neither at the end of the contract nor in the 3 years since. As far as I'm concerned I settled my account with O2, but will pay the default to clear my credit record, if this is guaranteed. How do I pay? Will this clear my record automatically? If not what is the process for requesting the default to be removed?How can I remove a default on my credit file?
The only way for it to be removed is for 02 to remove it.
Call and ask for a pay for delete agreement and if they agree do not pay a dime until you have it in writing.
Otherwise it will show for 7-years even if you pay it.How can I remove a default on my credit file?
Even if you pay the default it is going to be on your report for 7 years.
That is the price you pay for financial irresponsibility.
ok i worked in a credit repair business as the receptionist so i can tell you a little bit.....Dont pay. I know it feels like credit bureaus are full of government authority but there not. You can send a letter to them explaining that it is not your account. Thats all they ever did at my job. I know sounds simple If you keep sending the letter they should eventually remove it.
The default will stay on your credit file for 6 years from the date of default. You can contact the credit reference agency once the amount is paid and it will then show as paid. You should get a letter from o2 first to prove its paid, cos creditors fail to update your credit file at times. But you cant actually get rid of the default. You can try for credit again and explain this before you apply, but they may still take it into account.
Sorry to say, but there is no such thing as removing a negative mark off of your credit report. You can try to contact the person you owe money to and settle, but it will not improve your credit score. It will remain on your credit report for 7 years. I have a couple of negative accounts that I got while in college, but now that I have a job and is able to pay it is still on my credit report and will not be removed for another 3-4 years.
http://www.ftc.gov/bcp/conline/pubs/cred…
http://www.bankrate.com/brm/news/cc/2001…
http://mix6.com/credit/
Call the credit brueau that reported it and contact the company that put it there. I just did this myself and got it resolved right away. Good Luck!
Contact the 3 credit bureaus to explain. They will contact 02 for you. If that doesn't work contact 02 yourself. WE ARE ALL REASONABLE MEN.
https://www.annualcreditreport.com/cra/i…
Step one is to contact O2 and ask for documentation that shows the money that you owe and why you owe it. Once you have received that you can go one of two ways. If this is a false charge and you have documentation to back that up, contact the company, provide the documentation and tell them that you don't owe the money and ask them to remove this default from your credit report. If they won't remove it, then dispute this default directly with the 3 credit reporting agencies (there are forms on their website). If this is a true charge, make arrangements with O2 to pay it off and ask them to remove the default from your credit report with all 3 agencies. Unfortunately, they don't have to do this. They should have to change it to reflect that you paid off the default, but sometimes they won't even do that. If they won't, you're back to contacting the credit agencies and disputing it yourself. The best thing to do is to stay vigilant with these guys and get them to do the work. If they don't, you will have to do some paperwork yourself. Good luck!
Get in touch with O2 if you didnt think you owed them anything.
There is a process that you can go through to remove a bad note on your credit file if it was put there in error.
If you paid then you should have a record of it, right?
As far as removing marks from your credit report/s, it is up to you to supply them with the appropriate documentation for review. First pay the default and then request a receipt that says zero balance or paid in full. Then send this in to all 3 reporting agencies. If after a month they have not made the change you may then just tell them to remove the mark altogether.
To pay a default, contact the company and find out where your contract was sent. I'm sure they will provide this info.
You applied for a loan without checking your credit first?
I have helped people with fico scores in the low 500's get to over 665. Without paying collectors a cent.
The default stays until you pay it and is cleared 7 years after you pay it.
It does not matter that your contract ended, apparently you owe them some money. You need to contact them for payment details.
Creditors or collection agencies are the only ones who can notify the big three credit bureaus to remove anything from your credit report. Also, they don't have to tell you they're putting a collections notice on your credit profile. The first thing you need to do is see if the negative information is on all three reports. I would also suggest a service such as MyFico.com to see EXACTLY what your credit score is and how it can be improved.
Then you need to contact the company and need to get them to agree to remove the negative information if you satisfy the debt. Make sure you talk to a supervisor since the rank and file employees are NEVER going to agree to do this... and get it in writing. You also need to know if their debt has been turned over to a collections agency or if the company you did business with is the one who reported the default. In some instances, you can make an arrangement to pay the original company the outstanding debt directly, and in turn have them notify the collections agency to stop any collections efforts or negative credit information, but most will have already washed their hands of the whole thing and tell you to take it up with the agency handling the collections. Then you need to try to take your fight to the collections agency. Good luck.
Here's your slight bargaining chip: All negative information comes off of your credit profile in 7 years. Whether the debt is paid or not! If they are not willing to remove the negative information, tell them there's no incentive to pay if they're not going to remove the collections. Everyone wants their money and they may be willing to make this deal with you. I was able to pull this off after I got in over my head after college. I was both successful and unsuccessful, but again, after 7 years, it didn't matter anymore.
A single collection account shouldn't be enough to destroy your credit profile if you have other positive information. If this debt from O2 is already three years old, you should be able to build up a good credit history with other creditors within the next 4 years to offset the collection. Use your credit cards for small purchases that you can pay off at the end of the month. Be careful with applying for new loans or credit cards, every time you apply for credit, you are sinking your FICO score.
Good luck.
You do need to contact the company that you owe money to and take care of that. It will however stay on your credit report, however -- you can send the following letter. You do not have to state the inaccuracy -- and if the O2 does not respond within the alloted 30 days the credit bureau is required to remove the entire file from your report. You will need to do this with all 3 credit bureaus.
Date __________________________
(From)
______________________________
______________________________
______________________________
(To)
______________________________ Credit Bureau
______________________________
______________________________
RE: ______________________________...
In reviewing the attached credit bureau report issued by your agency, I have detected an error regarding
the following account(s) in that it is reported inaccurately.
Company Name:_________________________...
Account Number: ______________________________...
Under the provision set forth in the 1977 Federal Fair Credit Reporting Act, I hereby request your agency
to prove to me in writing the accuracy of the reporting of this account. Under the terms of the Act and
succeeding court cases, you have 30 days to prove such accuracy or remove the account entirely from
my report. I ask that you do so.
You will note that this letter was sent certified mail, and I expect a response within the said 30-day period.
Should I not hear promptly from you, I will follow up with whatever action necessary to cause my report
to be corrected.
Please feel free to call me if you have any questions. My home phone number is _________________,
and my office number is _________________.
Sincerely,
____________________________
(Signature)
Collection Source(s) All information is removed that is ___7__________ years old except
Chapter 7 bankruptcy which stays on _10_______ years.
An updated version of the Act requires a credit bureau to remove all
_________inaccuracies_________ with 30 days of notification of such inaccuracies.
To clean your credit report of inaccurate information, you should write a
separate letter for each inaccuracy, staple a copy of your credit report to
each letter, and circle the account number.
Note: You should request that “inquiries” be removed also. All of these
letters should be sent ____certified________ mail return receipt requested to
prove when they receive the letter. If the credit bureau does not prove the
accuracy of the account within 30 days, you should request they remove
the entire account from your file.
You will have to be assertive after the 30 day period.
usually it is kept on file from date of last activity. deny the charge and make them come to an understanding to report good or get nothing.
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