A charge off can be removed by disputing the mark. This must be done directly with the credit bureaus.
A dispute is your way of saying this mark is not accurate or not valid. There are two ways to file a dispute.
1. Create a dispute letter
This is done yourself. In this letter you simply identify the charged off mark and provide a reason for its inaccuracy. Reasons can include; not my account, account paid in full, item is out of date.
Upon receipt of your valid dispute letter the bureaus will hold and investigation into the listing. They will contact the lender and verify that the account did exist and the amount's and dates are correct.
2. Hire a professional credit repair company
If you choose this method you will only have to tell the service which items you want to dispute and they will handle the rest. I suggest a service if you have multiple negative marks.
Many services employ expert credit attorneys. These can be invaluable to have on your side fighting to repair your credit.
These experts know all the ins and out of credit laws. Frequently they use case precedents or loop holes in the laws to have a negative mark removed.
In addition a company will be able to use advanced dispute techniques such as; creditor direct intervention and escalated dispute information requests. Also if your case should require it they can go to court on your behalf.
Charge offs will occur to an unsecured credit card after 6 months of delinquency. This mark will be reported on your credit report for 7 years unless you take steps to remove it.
The original creditor will charge off your account, this is done for tax purposes for the creditor. Your account will then be sold to a collection agency and they will be able to report your account negatively if they can not recover payment from you.
If this agency can not collect payment they will create a negative mark on your credit file and then sell your account to another debt collector. This process will continue to repeat itself until there is no money for the debt collectors to make off your account. The number of times it is sold directly depends upon the size of the debt.
In sum, a charge off on your credit report will negatively impact your score. However you do not have to live with it for 7 years. You can dispute it and have it removed.
A dispute is your way of saying this mark is not accurate or not valid. There are two ways to file a dispute.
1. Create a dispute letter
This is done yourself. In this letter you simply identify the charged off mark and provide a reason for its inaccuracy. Reasons can include; not my account, account paid in full, item is out of date.
Upon receipt of your valid dispute letter the bureaus will hold and investigation into the listing. They will contact the lender and verify that the account did exist and the amount's and dates are correct.
2. Hire a professional credit repair company
If you choose this method you will only have to tell the service which items you want to dispute and they will handle the rest. I suggest a service if you have multiple negative marks.
Many services employ expert credit attorneys. These can be invaluable to have on your side fighting to repair your credit.
These experts know all the ins and out of credit laws. Frequently they use case precedents or loop holes in the laws to have a negative mark removed.
In addition a company will be able to use advanced dispute techniques such as; creditor direct intervention and escalated dispute information requests. Also if your case should require it they can go to court on your behalf.
Charge offs will occur to an unsecured credit card after 6 months of delinquency. This mark will be reported on your credit report for 7 years unless you take steps to remove it.
The original creditor will charge off your account, this is done for tax purposes for the creditor. Your account will then be sold to a collection agency and they will be able to report your account negatively if they can not recover payment from you.
If this agency can not collect payment they will create a negative mark on your credit file and then sell your account to another debt collector. This process will continue to repeat itself until there is no money for the debt collectors to make off your account. The number of times it is sold directly depends upon the size of the debt.
In sum, a charge off on your credit report will negatively impact your score. However you do not have to live with it for 7 years. You can dispute it and have it removed.
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