How do you remove a revolving account form your credit report?

Question

I have 3 bad revolving credit cards that I closed years ago. At that time, I had to "Pay them Off" and were closed. On my credit report, they are reported as paid off, closed and still revolving. How can I remove the fact that they are revolving. Will it be removed in 7/10 years or do I have to call the companies to remove the revolving part. I really don't know. Please Help!

Answer 1

Charge-off is a derogatory notation that hurts your credit score. Generally when a debtor fails to pay the bills, creditor adopts different techniques to collect it. If none of the methods are of any avail, they report it as a charge-off and the account is considered as bad debt, which means non-collectable.

Charge-off does not indicate that you are no more obliged to pay the debt. It is still your debt and you should pay it back.

Now if you have charge-off mark in your credit record, it clearly proves that you did not pay your bills for some reason or other and your future financers are going to consider it as a negative comment.

Generally a charge-off mark stays in your report for 7 years from the date it went delinquent.

Answer 2

Revolving is a type of account. When it's paid off, that doesn't change the type of account. Normally, it will fall off seven years after last activity (payment or closure).

The only thing you can have removed from your credit report are errors.

Answer 3

Speaking as a nationally known credit score expert (book, radio shows, newspaper columns):

Old good accounts are vital to have on credit. Why would you want to erase them? If your scores are low, it is because of what your credit is more recently.

Credit scores are mostly, "what have you done for me lately"?

I do consultations on this every day. I can't advertise here, but google: "dave peters+credit" and you'll find me eventually in the top 20.

Answer 4

Contact the credit reporting agency and dispute the information. They will send you the paperwork to complete and then will contact the companies to have them correct the information on your credit report