How to Remove a Charge Off from Your Credit Report

Removing a Charge-off From Your Credit Report

Having charge-offs on your credit report can have a dramatic impact on your credit score. If you have this item appear on your credit report, it means you are a high-risk potential client to lenders, so they are unlikely to loan you money. Getting a charge off removed from your credit score can make the difference between qualifying for a loan for a house or car, and not qualifying for financing of any kind.

What is a Charge-off?

A charge-off occurs when you are seriously delinquent in paying an account. Typically, an item is only listed as a charge-off on a credit report once it’s over 180 days late. In simple terms, when one occurs, your creditor lists the account as not being collectable. It is one of the worst items you can have appear on your credit report and it can have long-lasting implications if precautions are not taken to remove it.

Creditors list bad debts owed as a charge-off’ primarily for tax reasons, so the amounts owed can be counted as a loss for them. Although your creditors consider the item a loss for tax purposes, they still expect the debt to be paid off completely. If you have a charge-off appear on your credit report, creditors can still try to collect on the debt. Oftentimes, they will involve a third-party collection agency to collect on the money owed.

What Can You Do to Take Care of a Charge-off?

If you have a charge-off on your credit report, there is still a chance it can be removed. Some consumers have found success in negotiating directly with their creditors in order to settle the delinquent accounts listed. You can offer them full or partial payment of the account in exchange for having them request removal of the negative item from your credit report. This helps both parties since it gives them the money they are seeking and it helps you to rehabilitate your credit score. If you do decide to negotiate, make sure you get everything in writing before you pay. Also, make sure you are dealing with someone with the authority to remove the charge-off from your credit report.

Another option you may have is to dispute the charge-off with credit reporting agencies. When you do this, you are essentially asking your creditors to prove you owe on this item. Even if the item is legitimate, it may still be removed if sufficient evidence is not provided to the credit bureaus within 30 days. You may also consider involving a law firm that specializes in credit repair to look into the issue. Many consumers fail to look into this option because they assume law firms are expensive, but companies like Lexington Law are affordable and have proven successful in removing charge-offs from credit reports.

Learning About Credit the Hard Way

A number of years back, I suffered some difficult times in my life. The company I worked for went under and I lost my job as a result. My bills got out of control and I could no longer meet my financial obligations. After a while, my accounts were all charged-off and I started getting calls from collection companies.

The phone calls from collection agencies were incessant and it caused me a lot of hardship as they tried to collect. Finally, I declared bankruptcy in order to escape, but my credit suffered the consequences.

I Took Control of My Credit Score

For the next several years, I couldn’t qualify for a home loan, auto loan, or almost any form of credit because my credit score was so low. Being rejected again and again for financing was an embarrassing process.

A buddy of mine referred me to Lexington Law and told me that they were a great company to work with. I was unsure if I should trust him initially, but he showed me how they had helped him, so I decided to give them a shot. I checked out their website to see if it was for me.

Lexington Law Helped Me Save My Financial Situation

I called the number on the website (800-220-0084) and I spoke with a lady who was an expert at helping people repair their credit. She wasn’t judgmental at all and sincerely tried to understand my situation and help me as best she could. I signed up with Lexington Law here and I’m really glad I made that choice. I saw results quickly when after only three weeks, I got my first letter in the mail saying that a negative item had been removed from my credit report. I got more letters after that.

My credit scores started to climb and after a while I was finally able to buy a new home. I feel like it would have taken me much longer if it hadn’t been for the help of Lexington Law. Giving them a call was one of the best financial decisions I have ever made (see below).

Charge Offs Removed from My Credit Report:

Client Testimonials:

You can read hundreds of client testimonials and even watch some very inspirational client video testimonials here:

If you’re sick and tired of having bad credit, I recommend you visit Lexington Law Firm. They can delete all kinds of negative items from your credit reports, including: bankruptcies, foreclosures, repossessions, charge offs, judgments, tax liens, collections, late payments and more.

Discount for Couples

Lexington Law is now offering $50 off the initial fee when you and your spouse sign up together. The discount will be applied after the second sign-up is complete.