Charge Off On Credit Report
The bad news is although they have written it off as a loss, you are still liable to pay the debt. It is one of the most damaging items on a credit report that can negatively affect your credit score. Lenders are required by law to report charge off accounts and it allows them to close out the accounts for accounting reasons.
The good news is that you can remove a charged off account but you will need help from a good law firm that can help you settle and clean up your credit report. This option isn’t free but makes the most sense when you weigh that against the possibility of how much you will be losing if a charge off account stays on your credit report for 7 years.
Lexington Law® is the law firm we recommend above all others. They have helped thousands upon thousands of people just like you in assisting them repair their credit reports quickly. You can call them directly at 1-800-251-3505.
My Story: "How I Deleted Charged Off Debts, Cleaned Up My Credit Report and Raised My Credit Score as Well!"
When I went to college I had to borrow a ton of money.
When I finally graduated I had accumulated over $60,000 in total student loan and credit card debt.
Everything seemed to happen so fast because credit card companies made it so easy and convenient to borrow credit.
And I really needed the extra cash at the time just to get by with school.
I don't regret going to college for a second, but I do wish I had been more responsible with my money.
I was working part-time waiting on tables to pay the bills... but soon it felt like it was impossible to make credit card payments on time. I made arrangements with my creditors and they agreed not to report derogatory information to the credit bureaus. However, despite my efforts, many of the creditors nevertheless did not honor those agreements. I felt like I was being treated unfairly by some of these creditors who didn’t honor the agreements they said they would. Was it because I was a woman or fresh out of college? I’m not sure but they shouldn’t treat anyone like that.
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Frequently Asked Questions:
What Does Charged Off Mean On My Credit Score?
What Does Charged Off as Bad Debt Mean?
Should I Pay Charged Off Accounts?
How Do You Increase Your Credit Score Quickly?
How long does a charge off stay on credit report?
Can A Charge Off Debt Be Collected?
How Do Credit Repair Companies Fix Your Credit?
Do Credit Companies Really Work?
To make matters worse, at least one creditor sent bills and correspondence to the wrong address after I had told them multiple times it was not the right one. Talk about unfair! As a result of all this my credit history was damaged. Specially, I had multiple charged off accounts and late payments on my credit reports. Consequently, my credit score was in a very low percentile.
My credit score with one of the major credit bureaus dropped below 600 for the first time! The bad credit was going to make it almost impossible for me to get access to any new credit.
Bankers thought I was a bum and my friends thought I was utterly irresponsible.
I hoped that my bad credit would simply disappear over time... however, federal laws are in place that can keep bad credit on your reports for up to 7 years!
The time was coming where I would need a new car soon and I felt desperate because of the financial turmoil I was facing.
I was also completely stressed out from having to get a new job... I was terrified that my bad credit would prevent me from getting a new job because I saw a news report that said most employers do credit checks now before they hire anyone!
They think you are not trustworthy if you have poor credit.
Luckily, a close friend of mine went through a similar situation and had Lexington Law help him improve his credit reports. I learned that Lexington Law can help repair almost any kind of bad credit caused from unfairly reported items – including, inaccurately reported charge offs, collections, foreclosures and even bankruptcy related items.
I enrolled in Lexington Law’s Program and began receiving letters indicating that the unfair negative items on my reports were being removed. Lexington Law was able to help remove the vast majority of the unfair negative items. I was so relieved! Only one item remained open on my reports after going through the program which I thought was incredible!
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It gave me some much-needed hope, to see my credit reports cleaned up and my score increase.From practically the first month of using Lexington Law services I began to see results.
It didn’t take long before my score had become good again. It was simply life-changing.
Lexington Law was wonderful to work with and with their help I was able to get the vast majority of my unfair or inaccurate items removed. When I then started paying my bills on time, this greatly improved my credit score.
I was sure that some of the marks on my credit reports would be impossible to delete.
But I was mistaken. Have a look at a few of my real deletion letters.
It was an incredible feeling to go look for a new car knowing that my credit reports were cleaned up and my score was so good. I didn't even need to panic about getting approved.
I knew that with a credit score as high as ... the banks would be able approve my loan with no issues.
Take a look at this picture of my new Pathfinder - financed at a low rate due in part because of the help I received from Lexington Law.
I’d happily recommend them to anyone struggling to improve their credit situation.
Testimonials represent the results of the particular individual and you should not expect the same result because your case is different than everyone else’s. Lexington promises only to communicate with specific creditors on your behalf and in your name, verify report changes with bureaus, and provide you timely information about changes in your reports. Previous clients have seen credit report results, with an average of 10.2 removals across their three reports after four months of service. The average client may not achieve that result and Lexington makes no guarantee that you will receive that result. Though certain individuals may have been able to obtain an extension of credit after being a Lexington client, you should not expect this result. Any credit score improvement seen after using Lexington’s legal services is the result of many other factors in addition to Lexington’s legal services: keeping credit balances low, paying bills on time, reducing or eliminating unnecessary inquiries, developing appropriate types of credit, and sound financial planning.
We advertise for Lexington Law, the trusted leader in credit repair who will consistently work to help improve your credit situation fast and ensure that your present actions support these efforts in the future as well.
Take steps to ensure you have a fair and accurate credit report!
Did you know you can suffer credit damage from unpaid accounts? Your credit report comes in handy when you are applying for insurance, employment, a loan, or even when renting a home. Lexington Law, can teach you how to clean up your credit and fix report disputes!