Unfortunately, you failed to make several payments to your creditor and marked as charged-off, surely it’s something to worry about. A charge-off impacts your credit score negatively. If you become a defaulter by chargeoff in the books of your creditor then it’s not something nice.
The lender might not ask for the unpaid payments but will surely try to recover the amount somehow.
They can offer you a long term payment plan or hire a recovery agent for the returns. The charge-off may stay on your credit report for seven years adversely affecting your credit score.
Wondering how to remove the charge-off from a credit report. Follow these steps to successfully get rid of them.
- Hire A Professional To Do The Job:
Getting the charge offs at CreditRepairCompanies.com can be less strenuous and a real time saver if you are a busy bee. The repair companies know exactly how to go along with this problem. They can get your accounts cleared, improving your credit report in a shorter period of time. It’s worth some money if you get it done smoothly. The repairing agents do all the negotiation on your behalf with the credit bureau.
- Pay-To-Delete Method:
This method often works well with precautionary measures. You can get the charge off deleted from the credit report by having a settlement contract with the lender. Make sure you have everything documented for this step since the game is in the creditor’s hand. He may not remove the record even after receiving the payment and you can’t argue much if not recorded the agreement in writing. The lenders are only allowed to remove the entry for incorrect registration not for being paid off. So play smart and wise.
- File A Dispute:
Eyeballing your credit report is extremely essential. If you are doubtful about any entry put in a charge off in your report, you can file a dispute against it to any of the credit bureau body. The rights of the debtor are secured and the respective department gives you all the chance to avail in case of any problem in your credit report. When you run a dispute it becomes obligatory for the credit reporting agencies to research and get the issue resolved. Generally, it takes 30-45 days to get the problem resolved. If your claim proves to be true the respective agency is responsible to get it removed immediately.
- Contact The Creditor Directly:
Contacting the creditor directly in writing is a very good idea. Try to be nice and make requests on some terms and conditions to get the charge off deleted from the report. Proper documentation is essential to help ensure your issue is resolved. There is a possibility that the lender might have transferred your case to the recovery agency, in that case, contact the respective agency and convince them to clear your credit report taking the creditor in account so that the records are updated at lender’s end as well.
This process is a bit challenging but not impossible with sincere effort and hard work you can get your credit report all clear.
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