Removing a closed account from your credit history can have a positive impact, especially if it includes inaccuracies. However, simply clearing out all closed accounts isn’t always possible or ideal. Working with credit repair experts to determine which of these types of accounts should be removed is important. The last thing you want to do is lower your credit score unintentionally. Here are three strategies to consider if you want to remove a closed account from your credit history.
Identifying And Disputing Inaccuracies
Disputing inaccuracies is one of the most common and effective ways to approach removing closed accounts. The best credit repair experts will suggest informing the three biggest credit bureaus about the inaccuracies, as well as the financial institution that supplied the credit bureaus with the information. Once you have informed them, you just have to play the waiting game and follow up monthly if the closed account is still on your credit report.
Writing A Goodwill Letter
Another credit report repair strategy is writing a goodwill letter. These are typically written for missed payments or late payments, but they can be effective for removing closed accounts. So it’s ideal to only pursue this strategy if the closed account has a significant negative impact on your credit score. In your goodwill letter, you can explain why you would like it to be removed and point to your long credit history or unique hardships as reasons why it would be beneficial to have it removed.
Wait For The Account To Fall Off Your Credit Report
If a closed account doesn’t have a significant impact on your credit score, then credit repair experts often suggest waiting until it falls off naturally. This usually happens 7-10 years after the account has been closed. So when you are considering whether to attempt to remove the closed account, think about how impactful it will be for your life now and in the future. And as always, keep up with positive credit habits so your credit score doesn’t take a hit when it does fall off if it’s a positive closed account.
Core Credit Solutions provides credit repair in Los Angeles to people who need it most. We treat each customer as a unique situation since everyone has different credit histories. It makes sense for some people to try to remove closed accounts, but not everyone. If you would like to pursue your options for improving your credit score as much as possible, contact us today to schedule a consultation with one of our experts.