It's possible to wipe your credit rating clean rapidly without breaking the law or hiring a specialist. You can pay your creditors to delete charged-off credit cards, delinquent accounts, unpaid bills and any other negative entry from your credit rating. If you have spare cash, you can repair your credit instantly without going through the laborious process of waiting for negative entries to drop off of your credit report and using secured credit cards to build your credit score back up slowly.
In order to wipe your credit clean, your best possible strategy is to contact your creditors directly and see if there are any opportunities to pay for deletion. If so, you can have items wiped from your report quickly.
Who Has the Debt?
Read your credit reports from the three major credit bureaus – TransUnion, Equifax and Experian. Find the negative entries that you would like removed. Make note of the creditors and their contact information. The only negative item that you can't remove from your credit report is a bankruptcy, but anything else is open to negotiation.
Contact the creditor by mail or over the phone and request a "pay for delete" on the entry. If the amount owed is under $500, you can increase your chances of success by offering the full amount in return for a deletion. If the amount is larger, start by offering 10 percent; move up from there if you're denied. Make sure that you request that the deletion occur within 10 to 30 days of the company receiving your payment.
The Waiting Game
Now you must wait for a reply from the creditor. The amount of time you can expect to wait varies, but typically 30 days is enough time to receive a reply. Don't send any payment until you receive the agreement in writing stating that this negative item will be removed from your credit report once you pay. After you receive this agreement, in writing, send payment promptly as agreed. You can use a check or even a money order if you don't want your creditors finding out where you keep your bank accounts.
Monitor your credit report to ensure that the creditor follows through with your agreement. In most cases, it will follow through promptly, but it usually takes 30 days or more for your credit report to update. You now can further improve your credit score by paying bills and making loan payments on time. A credit report clean of negative entries will improve your chances of being approved for affordable loans and credit cards, but a good credit history is necessary for building your score over the long term.
- CreditInfoCenter: 5 Methods of Dealing With Collections on Your Credit Report
- Fair Isaac Corporation. "What's In My Credit Scores?" Accessed Oct. 31, 2020.
- TransUnion. "What's Considered a Good Credit Score?" Accessed Oct. 31, 2020.
- Consumer Financial Protection Bureau. "Is it Possible to Remove Accurate, Negative Information From My Credit Report?" Accessed Oct. 31, 2020.
- Federal Trade Commission. "Fair Credit Reporting Act § 605. Requirements Relating to Information Contained in Consumer Reports." Page 22. Accessed Oct. 31, 2020.
- TransUnion. "How Long Do Closed Accounts Stay on My Credit Report?" Accessed Oct. 31, 2020.
- Consumer Financial Protection Bureau. "How Can I Tell a Credit Repair Scam From a Reputable Credit Counselor?" Accessed Oct. 31, 2020.
John Hewitt began freelancing in 2008, writing about subjects ranging from music to stock trading, the energy industry and business. His ghostwritten work has appeared all over the Web. He attended New York University, pursuing a bachelor's degree in history.