Can a Credit Card Default be Removed?
The short answer is often no. If you defaulted on a credit card, the negative mark could stay on your credit for up to 7 years – even if the debt is paid in full. This may cause a barrier for purchasing or applying for anything that requires a credit check.
Who is involved with removing a Credit Card Default?
- Original Creditors. Original Creditors rarely if ever agree to delete any negative credit history. This is because they are required by Federal Law to report the account history accurately.
- Creditors/Third Parties. Third party debt buyers are also unlikely to delete any credit history. However, a collection agency may agree to delete a recent collection notice on your credit if the agency reported something. They have no control over the original creditor history however.
How can I remove it?
- Creditors and Servicers are required by Federal Law to accurately report the status of your account so asking them to delete is often futile.
- Reports are required to show how the debt was handled – verbiage will vary between the credit bureaus. Ex. If the debt was paid off, your report will reflect that it has been paid off. If the debt was settled, your report will reflect that it has been settled.
- Accuracy is important. If you notice a discrepancy on how the defaulted debt was reported, there may be a chance for the default to be altered – no guarantee of removal.
Weston Legal can Help You:
Defaulting on a credit card can be a huge strain and very time consuming. Call us to find out more information.
- We Offer a Free Consultation – Call us at (800) 220-4318
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