Creditors charge off accounts all the time to avoid being responsible for the debt you owe them. They have every right to do it, but it would be nice if they tried to negotiate payments with you before charging off your account dinging your credit reports and lowering your credit scores. Because once they charge off it off, your account is closed with no chance of a good payment history showing up again. At least with a late payment you have some good payment history showing and the chance of having the creditor removing the late payment themselves, but not with a charge off.
This is the best way to remove a charge off from your credit report.
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Credit Bureaus Disputing
This can be extremely easy depending on the creditor and situation or it can stay on their forever if done incorrectly. The Fair Credit Reporting Act was put into place for consumers to dispute anything on their credit report they believe to be inaccurate or erroneous. Consumers may dispute anything on their credit report by just asking for verification on the item.
Never dispute everything on your credit report at once (unless you just have 1 or 2 items needing disputing) or accidentally verify the item yourself by claiming you had an account. Do it this way or your account could get marked as frivolous and make it impossible to send in another dispute for at least 60 days. Take your time, be honest, and write a good dispute letter. If the item comes back as verified, do it again, these things can take time.
Disputing and removing charge offs is not a new thing and has been around for several years, but the chance of removal has gone way up with rise in the following actions:
- Identity Theft - The fastest growing crime in the world.
- Credit Reporting Errors - The whole reason the Federal Trade Commission put the Fair Credit Reporting Act into affect.
- Unfair Creditor Practices - Obama has begun new legislation to stop credit card companies and other creditors from treating customers unfairly.
As you can see now more than ever we should be aware of our credit reports and what creditors are reporting to it. Dispute anything that is reporting negatively by asking for verification and your chance of charge of removal will improve drastically.
Charge Offs - Dispute and Remove Off Your Credit Reports
The credit bureaus have been forced to remove millions of negative items on people's credit reports. The leading credit repair firm in the nation removed 158,531 charge offs in 2009. I'm sure they could remove charge offs for you too.
Come see how they have removed charge offs time and time again. Give them a call at 1-800-223-7615 and let them answer any questions or concerns you have. It is never too late to begin your future.