Is it possible to remove credit card debt from your credit report? Yes. Is it likely? No.
Despite any claims you may hear from debt elimination companies otherwise, wiping out credit card debt from your credit report is generally not possible unless the date of the last activity on the account was over seven years ago (unless it was in a bankruptcy discharge, which means it can stay on your credit for 10 years) or you don’t actually owe the debt. Under the Fair Credit Reporting Act (FCRA), a consumer is reserved the right to dispute any inaccurate or incomplete information on your credit profile. If the creditor does not respond within 30 days with verification that the debt is being reported accurately, the entry is wiped off your credit. On the same token, if they respond 60 days later with verification, however, the entry will go back on your credit. In other words, from a legal standpoint, you cannot remove any negative, but accurate information on your credit report permanently (unless it has been more than 7 years since your last payment).

If you are concerned about dealing with your debt and saving money, some better options are debt settlement and credit counseling. Both of these types of companies offer debt consolidation services and can help you pay off your debt for less than what you would otherwise. To get matched with one of these services, simply fill out a form and PayingPaul.Com will put you in touch for a free, no obligation consultation.

Other Credit Card Myths
You cannot create an entirely new credit identity. Not only is it not possible, but it is also fraudulent to do this. Beware of any company that suggests creating an EIN (Employer Identification Number) to use in place of your SSN (social security number). Lying on a loan application, applying for an EIN under false pretenses, and using a fake SSN are all federal offenses, and punishable with severe fines and time in jail.

Beware of settlement companies who promise that any debts enrolled in their program will be reported as “paid in full” to the credit bureaus. Again, this is patently false and whether the creditor will report a debt as anything but “settled” is completely unpredictable, and in fact, in the vast majority of cases, it will be reported as “settled” to the credit bureaus.

Debt Removal Questions & Answers

I have a friend that used a debt elimination or termination company and his debt is off his credit report. He was also never sued. How do you explain that?
Falling behind on your payments does not necessarily mean that you will be sued. Millions of people have become past due on their credit cards or loans and never been pursued legally. In fact, lawsuits for unsecured debts are far rarer than one would even believe, so it’s possible that the creditor gave up on the debt anyway. It is unlikely that the debt removal agency had something to do with this happening. In terms of the debt no longer being on his credit report, this happens all the time with very old bad debts. If your friend only pulled one credit report, it is likely that the debt is being reported to another credit bureau by the collection agency who has been assigned (or purchased the debt). Also, it is illegal for any debt that has not had any activity in the past seven years to be reported to the credit bureaus. Perhaps the debt is very old.

I want to work with a legitimate provider of debt help, but I do not know where to turn. What do you suggest?

Let PayingPaul.Com assist you! All you have to do is submit your contact information and we can match you up with a qualified debt relief company for a complimentary debt consultation. You can get started today!