Is it possible to have collection accounts erased from your credit report?

I want to pay off several credit card collections accounts. I want to handle them myself and not utilize a debt consolidation program because I've heard that a "settle" on your credit report still looks bad. How would I go about paying the accounts off AND having them removed? Also, do I have to pay the accounts in full to have the collections removed or can I just pay a high percentage of what is due. ( like 80% )


If the collection agency is willing to remove the collection from your account, will it look like I don't have credit at all? I have one credit card that I am keeping open, but the others are closed already.


Any ideas anyone? I plan on being debt free by January. :)

Is it possible to have collection accounts erased from your credit report?
The collections can be removed but ONLY if the creditor agrees to this. You will need to get this in writing from them in case they do not remove the collection after you pay , you can submit the letter to the credit bureau to get the item removed. You want these items removed from your credit because even though it is a paid collection it would still look better if the collection never existed at all. Then you need to use the credit card you have opened and establish a payment history with them each month to help establish your score. Good luck.
Reply:Even if you pay them off, they'll still show up on your report for up to seven years. I'm almost certain of this. You should really check out Suze Orman's website-- she's got a LOT of really helpful info on credit, debt, collections, etc. Her website is www.suzeorman.com. Another good place to research debt and collections is msn's money page-- there's a link to in right on their home page. Good luck!
Reply:It is not common at all; I recommend you settle them then have them removed. Furthermore, I recommend credit repair unless you have lots of time and a high tolerance for aggravation. Some things are better left to the professionals. Usually companies charge hundreds of dollars to simply pull your credit and send correctly worded dispute letters—this is the key…..people will tell you that you can do this yourself for free but the truth of the matter is that the credit bureaus will throw your letters away or simply reject them. There is an easy to use online kit that will deliver the results you want available for just $19.95 at the source website. A similar kit is being sold via infomercials and radio talk shows for seventy dollars more but they try to solicit you repeatedly for other services after the fact.