Negotiate With Creditors
Once a creditor or a collection agency reports a debt, the reporting agencies -- Equifax, Experian and TransUnion -- cannot remove it. However, a creditor can ask to have paid-off debt removed from your credit profile. Although you can make this request at any time, according to Nolo, the best time to do this is during debt settlement negotiations. You'll most likely need to speak with the original creditor, not a collections agency representative, to remove paid-debt information.
Initiate a Dispute
When the information in your credit report is accurate, only a creditor request or the passage of time can assure its removal. However, information that remains on your report past the seven-year limit is erroneous information. To remove it, write a dispute letter in which you identify the error and the supporting reasons, such as account status details for the creditor that say, "This account is scheduled to continue on record until October 2014 and it's already December." The FCRA requires reporting agencies to delete outdated information within three business days after receiving your dispute.