Can You Legally Remove Charge Offs from Your Credit Reports?
Charge offs can legally be removed from your credit reports to increase your credit scores. If you do not remove them yourself you face seven years of horrible credit.
a debt is charged-off, the account is not considered written off and gone. It
will still be collected through a debt collector to whom the debt was sold. This third party collection agency, as a
result, acquires the rights to claim your payments or sue you for the unpaid
amount, plus other charges.
charge-off becomes a concern during times when you would like to make a loan
for a project that you need to venture into to improve your current situation.
For example, you would like to take out a mortgage for a bigger house for your
growing family, or you might urgently need a new car because the old one broke
happens when you have a charge off on your credit report?
are, your application will be rejected. Charge offs stay on your report for
seven years. The moment lenders see them on your report, you will automatically
be considered high risk, even unacceptable one. For your best interest, you
need to get charge offs from your credit report.
can charge off be taken off your credit report?
7 years for the blemish to age off your report, though not advisable, can be a
way to do that. But the most popular way to have a charge-off removed from your
credit report is to write a dispute letter to the credit bureaus or work
directly with the original creditor to negotiate its removal.
people also hire credit repair companies and law firms to resolve their credit
issues. It may sound a lot of work and time --- You’re right. But with
persistence and patience, you may be able to clean up your credit record and
keep it that way.
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ABOUT THE AUTHOR
Shayne Sherman is the head moderator at the #1 Credit Forum on the internet. Please visit my Lexington Law Review page for a complete personal review of the top credit repair law firm.