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All Posts » Finance » 3 ways to remove a closed account from your credit report


3 WAYS TO REMOVE A CLOSED ACCOUNT FROM YOUR CREDIT REPORT

REVIEWED BY Candace Begody | December 5, 2023December 5, 2023


The information provided on this website does not, and is not intended to, act
as legal, financial or credit advice. See Lexington Law’s editorial disclosure
for more information.


THESE ARE THE THREE MAIN WAYS TO REMOVE CLOSED ACCOUNTS FROM YOUR CREDIT REPORT:
DISPUTE ANY INACCURACIES, SEND A GOODWILL LETTER REQUESTING REMOVAL OR WAIT FOR
THE CLOSED ACCOUNTS TO BE REMOVED AFTER ENOUGH TIME HAS PASSED.

Closed accounts can be removed from your credit report in three main ways: (1)
dispute any inaccuracies, (2) write a formal goodwill letter requesting removal
or (3) simply wait for the closed accounts to be removed over time. That said,
removing closed accounts can affect your credit score, so make sure you consider
your situation before taking any action.

It’s not always possible to remove a closed account from your credit report, but
you can attempt to do so if you would like. However, it’s not always beneficial
to remove closed accounts, and in some cases, it could even lower your credit
score.

In general, you should try to remove any closed accounts with inaccurate
negative information, but you probably shouldn’t touch any accounts that are
having a positive effect on your credit history.

Below, we’ll talk about whether you should try to remove closed accounts from
your credit report, how closed accounts may affect your credit score and how to
remove closed accounts.


HOW TO REMOVE CLOSED ACCOUNTS FROM YOUR CREDIT REPORT

As we mentioned, you can attempt to remove closed accounts from your credit
report by disputing inaccurate information with the credit bureaus, writing a
formal “goodwill letter” to request removal or simply waiting until the account
is removed after a period of time.

Read on to learn more about when to try each of these different methods for
getting a closed account off your credit report.


1. DISPUTE INACCURATE INFORMATION

If a closed account on your credit report includes inaccurate information, you
can dispute the information and potentially get the item removed from your
report.

How to dispute inaccurate information:

 1. Send a letter to the three major credit bureaus—TransUnion®, Experian® and
    Equifax®—that explains what information you are challenging, why you believe
    it is inaccurate and that you would like it removed.
 2. Similarly, send a letter to the financial institution that provided the
    information to the bureaus.
 3. Wait for responses, then check your updated report and score after a month
    or more has passed.

We have a guide that details the dispute process to help you along the way.


2. WRITE A GOODWILL LETTER

A goodwill letter is a formal request to a creditor asking for a negative item
to be removed.

Although creditors are not required to remove negative items upon request, they
may be willing to do so if you have a long history with them or if there were
special hardships that led to the negative item.

However, goodwill letters are generally useful only for late or missed payments
rather than more significant negative items like collection accounts and
repossessions.

In addition to goodwill letters, you can also request that an account is removed
using a pay for delete letter. These letters can lead to an agreement with a
collection agency to remove an account in exchange for a partial or full
payment. That said, the collection agency may decide not to remove the account,
and the original account that went to collections may remain on your report.


3. WAIT FOR THE CLOSED ACCOUNT TO BE REMOVED OVER TIME

No items stay on your report forever, so it’s possible to simply wait for a
closed account to be removed on its own. Items on credit reports, including
accounts that have been closed, can remain on a credit report for around seven
to 10 years.

So if you’re worried about an older closed account with negative information
that is potentially lowering your score, know that eventually it will drop off
your credit report. Positive information about closed accounts also leaves your
report after enough years have passed, so it’s important to continue to practice
good credit habits with a variety of account types.


SHOULD YOU REMOVE CLOSED ACCOUNTS FROM YOUR CREDIT REPORT?

You should attempt to remove closed accounts that contain inaccurate information
or negative items that are eligible for removal. Otherwise, there is generally
no need to remove closed accounts from your credit report. Inaccurate
information could be hurting your credit score and should be addressed, but
older accounts that show responsible credit usage may be helping your score.

Even after closing an account—like a personal loan or credit card—the
information related to your balances and payment history stays on your credit
report for many years. Accounts closed in good standing may stay on your report
for up to 10 years, while accounts with derogatory marks, like collection
accounts, may remain on your credit report for up to seven years.

Deciding whether to try to remove a closed account ultimately comes down to
understanding the factors that affect your credit.

Your FICO credit score is calculated based on five main factors:

 * Payment history (35 percent)
 * Credit utilization (30 percent)
 * Length of credit history (15 percent)
 * Different types of credit (10 percent)
 * New credit applications (10 percent)

Because a credit report includes both open and closed accounts, some of these
credit factors can be affected by a closed account leaving your report. For
example, if you made payments on a personal loan for a number of years and that
account is no longer on your report, yourlength of credit history could
decrease, which could negatively affect your credit.

Having a closed account removed from your report may not affect your score, but
in many cases, it is wise to leave accounts in good standing on your report, as
they could have a positive impact overall.

However, closed accounts with negative items eligible for removal and inaccurate
information can lead to a lower score, so working to get those accounts removed
is part of a sound credit repair strategy.


REMOVING CLOSED ACCOUNTS FROM YOUR CREDIT REPORT: FAQ

Still unsure about how to remove a closed account from your credit report? Here
are a few commonly asked questions and answers.


1. WHEN TO REMOVE A CLOSED ACCOUNT FROM YOUR CREDIT REPORT

You should try to remove closed accounts that have inaccurate or negative items,
but leave accounts that are having a positive effect on your credit history.
Accounts with inaccurate information could lower your credit score.


2. HOW LONG DOES A CLOSED ACCOUNT STAY ON MY CREDIT REPORT?

Closed accounts can stay on your credit report for seven to 10 years, depending
on the status of the account.


3. WHY IS A CLOSED ACCOUNT STILL ON MY CREDIT REPORT?

All closed accounts stay on your credit report for many years depending on their
positive or negative history, unless you take steps like sending goodwill
letters or disputing inaccurate or unfair information to try to get the closed
accounts removed sooner.

If your credit report contains closed accounts with inaccurate negative items,
the team at Lexington Law Firm can assist you with credit repair. By analyzing
your credit report and assisting with disputes, our team could help you make
strides in improving your credit.



Note: Articles have only been reviewed by the indicated attorney, not written by
them. The information provided on this website does not, and is not intended to,
act as legal, financial or credit advice; instead, it is for general
informational purposes only. Use of, and access to, this website or any of the
links or resources contained within the site do not create an attorney-client or
fiduciary relationship between the reader, user, or browser and website owner,
authors, reviewers, contributors, contributing firms, or their respective agents
or employers.

Reviewed By

CANDACE BEGODY

Associate Attorney

Candace Begody was an Associate Attorney at Lexington Law. Ms. Begody was born
and raised in Arizona. She earned her juris doctor from Arizona State
University's Sandra Day O'Connor College of Law and her master's in business
from the W.P. Carey School of Business, also at ASU. Ms. Begody joined Lexington
Law in 2022. Prior to that, she worked in transactional and business law in the
Phoenix area. Ms. Begody is licensed to practice law in Arizona and was located
in the Phoenix office. Read more >

Posted in Finance.
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