No one wants to have closed accounts, like a student loan, appearing on any credit report. These types of listings can have a negative impact on your credit score. If it was in collections at any time, it might stay on your credit report for 7 years.

However, can you actually remove a closed student loan from your report? In some cases, the answer is ‘YES’!

Can I Really Remove a Closed Student Loan Account?

When you want to remove a closed student loan account, you have a few options.

1) Write a ‘goodwill’ letter to the credit bureau
First, writing a goodwill letter may be done when you couldn’t make your loan payment due to illness or circumstances you could not control. Remember that a credit bureau is never obligated to remove a closed account.

2) Dispute credit report account inaccuracies
If your letter is well written and has mitigating circumstances, the credit company will probably review your previous payment history to verify the accuracy of your letter before deciding if they will take any action.

If you believe your credit report has inaccuracies related to your student loan, check it carefully, and report those inaccuracies (again by letter) to the company. In your letter, you should justify any payment you missed and provide reasons why your report may be inaccurate. Always present as many facts as possible.

3) Wait until it ages out
If nothing else works, you can simply wait for the negative item to age. The older an item on your report gets, the less impact it has on your report.

Here are some steps you can follow that may help you remove a closed student loan account from your credit report:
Understand the Impact of Closed Accounts
Many people do not realize that an old, closed account may still be a significant factor in their credit score. Other factors include applying for new credit or loans.

Read more here: Removing a Closed Student Loan from Your Credit Report

Author's Bio: 

Kimmy Burgess is the Manager of Cash in a Snap, which helps clients get connected to its large network of reputed lenders to get a no fax payday cash advance when they need it. Kimmy has over 20+ years' experience in Administrative Management, with many years in the lending industry. Her expertise includes customer service, client services and other functions in the payday lending business.