Can negative credit report info be removed?

[maxwell18]

Can creditors removed all negative info from your credit reports. Thet are telling me it is a law that all the negative stuff cannot be removed by law. My deal was I would settle up but in the deal is all negative stuff be removed? Any help.
Thanks

[justbroke]

It is not the law, otherwise, creditors wouldn't negotiate to remove all bad entries for payment. (By the way, never believe them anyhow.) What is the law, is that anything that is true, can be in your credit report. Anything that's invalid, must be removed. Anything negative can stay on your report up to 7 years (for most items).

Never trust a creditor who indicates that they'll remove all negatives. Usually, the only thing they'll do is update that the balance is $0 and the account was "settled".

[LadyInTheRed]

I don't know the answer to that specific question. But, I did read a suggestion somewhere that when you settle a debt you should do it on the condition that the creditor note the account as "paid in full" or "paid as agreed" instead of "settled". But, that isn't the same as removing the late payment notations already there.

[HHM]

This is an odd catch 22...FCRA (Fair Credit Reporting Act) requires creditors to report "true" information on your credit report. Thus, even "if" you negotiated an arrangement whereby the creditor agreed to report a settled account as "paid in full," because of FCRA you could NEVER enforce that agreement because it violates FCRA. A party cannot agree to a contract term that violates the law. Thus, any agreement whereby the creditor says they will report inaccurately is void as a matter of law.

Bottom line, anyone that says they can negotiate the credit report entry is blowing smoke.

[frogger]

Thus, any agreement whereby the creditor says they will report inaccurately is void as a matter of law.

Bottom line, anyone that says they can negotiate the credit report entry is blowing smoke.

You are 100% correct that a creditor must report accurate information.

However.........

A creditor is not required to report. It's nothing more than a little box that is or is not checked on your data page.

A creditor can also choose not to answer or "forget" to answer a dispute by the consumer. That also takes the item off the report.