Tools and methods for removing anchors from medical leads involve a guide portion and a blade. The lead is inserted within a lead passageway of the guide portion of the tool and the tool is moved along so that the blade contacts the anchor and cuts a slit in the anchor as the tool. Once the blade has cut the slit through the entire anchor, the anchor comes free of the lead and the tool can be removed. The tool may include a manner of opening and closing the guide portion so as to provide access to the lead when open and to contain the lead when closed. Opening the guide portion allows the lead to be inserted or removed by laterally moving the lead into or out of the lead passageway such that the tool may be installed or removed at any available point along the lead.