It is possible to negotiate with creditors to remove negative information from your credit report. Under the Fair Credit Reporting Act (FCRA), creditors are allowed—not required—to report your credit history. Tell the creditor that you want to clean up your credit report, and ask for help.
If you've been paying your bills on time, ask the creditor to delete negative information to better reflect your current ability to pay. If the account is delinquent, charged off or in collection, find out where it's located and try to negotiate a settlement either by:
1. Offering a lump sum payment in exchange for the creditor removing any negative statements from your credit report.
2. Offering a payment plan where you agree to make monthly payments until the account is paid and the creditor agrees to remove any negative statements from your credit report upon completion of the payments.
*Source: True Credit Newsletter October 2009 Trans Union*
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