how do i take out charge-offs from my credit report

[che-owo]

most of my credit card acct are already charged off and shows on my credit that they are scheduled to be removed on 2015, how do i start work on them to have them removed,thanks

[thesadtruth]

Hi and welcome to the forums.

I am new here as you are but I have found a wealth of information with specific instructions, tips, letters to utilize, links to information, and of course the fact that there are many here who are very helpful when asked.

What I suggest is to do the same thing I am doing. First, start by reading up as much as you can, so as to be able to educate yourself on what you need to know and then how to best apply that knowledge.

In my case, I feel very hopeful after having read up in here for a week or two, and I am quite positive that I can first and foremost help myself and in situations where I need specific assistance ask for help. But I am definitely educating myself so that I can know when I need answers to more specific questions.

I started in the Beginners Credit Information forum here, and it has been of great help to me so far.

You could also click the link at the top of this page that says "Charge Offs".

But just start reading here all you can and then come back for more specific questions.

Best of luck to you!

[Lian]

A charge-off is probably one of the most difficult of credit reporting derogs to get deleted from one's credit file.

There are two ways to get a charge-off deleted. The first is to dispute the accuracy of its reporting, and the second is to request, by good-will, with or without the incentive of a pay for deletion offer, that they voluntarily delete it.

Disputing the accuracy of a charge-off is extremely difficult. A charge-off is predicated on two things. An existing delinquency in payment of the debt, and a concurrent holding by the creditor that it has become "uncollectible."

If there was a delinquency in debt at the time of their charge-off, then you cant assert inaccuracy on that basis. You would have to show that the debt was not delinquent in order to dispute the accuracy of the charge-off. Their concurrent holding that the debt has reached the stage of being uncollectible is a subjective determination on their part that is not amenable to dispute.

So removal of a charge-off is almost always dependent upon the good-will of the creditor. If the debt remains unpaid, you do have the additional incentive of offering payment in exchange for their agreement to delete, but that is strictly voluntary on their part. And many creditors will sell the debt after doing a charge-off, thus removing any ability for you to offer them a pay-for-delete.

If they still own the debt, they may wish to continue collection of the debt by other means, such as referral to a debt collector or initiation of legal action. Or they may decide to simply be rid of the entire matter without any concessions to the consumer because they have already recouped at least a portion of the bad debt due to the tax write-off they obtained by the shifting of the debt from an asset to a loss on their accounting books.

By doing a charge-off, they necessarily concluded that the debt was uncollectible, so in their eyes, you are a bad risk, which is not very conducive to good-will on their part.

[NewMan!]

Is it acceptable for the OC to show an outstanding balance once they've sold the debt to a CA? The CA has the amount listed plus fees already on my CR, so its basically a "double whammy"!! Please advise

[Lian]

As long as the OC still has legal ownership of the debt, they can continue to report the balance of the debt to the CRA. The absence or presence of a charge-off by them is irrelevant to your continued obligation for the debt. Similarly, the absence or presence of their use of a debt collector is irrelevant to their continued ownership of the debt, and thus ability to report it to a CRA.

When a debt collector reports a collection, it is not necessarily related to any debt owed to them. It is at a minimum their reporting of their authority to collect the debt, either on the behalf of the OC, or on their own behalf if they have purchased the debt.

It is totally proper for both the creditor and debt collector to simultaneously report the amount of the debt. Their reportings have different meanings.

If the OC actually sells the debt, they are then required to update their reporting to show a $0 debt balance owed to them. The presence of a collection does not necessarily mean that the debt has been sold. Do you know for a fact that the debt has been sold/

If the debt collector was previously reporting the balance only as the amount they are authorized to collect, then upon acquiring ownership of the debt, the amount they are reporting becomes both the amount they are collecting upon, and the amount they now own.

[NewMan!]

Yes, the debt was sold... I disputed it. The OC sent me a letter back stating that they no longer owned the debt and that is was sold to Sherman (New Century), and that all further inquiries should be forwarded to them accordingly. However, you still answered my original question. I can now dispute the item listed. because they are reporting false information (i.e. the amount owed)

[Lian]

Yes. And as a result of your dispute, they will have to update the balance to $0. However, that wont result in the deletion of the CO, and wont improve your credit score. It will just update their account to clarify their current lack of debt ownership upon a manual review of your CR.