Answer:
There are a few steps that you can take in order for this collection account to be removed permentatly. You can dispute this item with the bureaus, check to see if this account is verifiable, incomplete, or simply not your account. If either of these cases apply to you then you can simply write a letter of explanantion to each bureau that is reporting this account stating either of these facts. Make sure that in the letter you provide the account name, account number, the amount owed, and your personal information: Full name, home address, social security number, and date of birth. When you mail this letter you need to have the following items:
A copy of your credit report (with the disputed item highlighted)
A copy of your drivers license
A copy of your social security number
A copy of your dispute letter
Copies of two different utility bills that have your most recent home address (For verification purposes)
You have a 50% chance of having these items removed permenatly; especially if these accounts are older acccounts. You as a consumer have the legal right to dispute items on your credit report until the cows come home. Now if this does not apply to you, and your collection account is not only a recent account, but it does belong to you then I would consider you making a settlement offer with the collection agency. You can settle anywhere from .10 cents on the dollar, or 30 % of the balance owed. Make sure that if when you contact the collection agency that you have the finances to make a settlement payment that day. Before you make a payment get the agreement in writing (have them fax it to your personal fax number, or your local Ups/Staples store)
Once you receive the letter is when you will call them back and make that payment, also request that they mail you a letter stating that is account was "Settled in Full", not a partial settlement. Ask them to update this information with all three bureaus (this is not always going to happen, but you should always ask). Keep in mind that once you make a payment on an account you will have this on your report for at least seven years from the "Date of Last Payment or Date of Last Activity". This is when your collection account can be removed permenatly. You will have to keep records of this and send a letter to the burueaus stating this fact, and they will have to remove this account from your credit report. Also, look online and Google "Statue of Limitation for each state" You can also check to see if your SOL has expired with this collection account. This is another way you can get an item removed from your credit report.