Remove Charge Off
A charge off can be removed by disputing the mark. This must be done directly with the credit bureaus.
A dispute is your way of saying this mark is not accurate or not valid. There are two ways to file a dispute.
1. Write a dispute letter
You can write a dispute letter yourself. In the letter you must include the reason why the negative mark is incorrect for example; never paid late, not my account, item is out of date.
When the bureaus receive this letter and deem it valid they will investigate. They will contact the creditor and verify the amounts, dates, and that the account does exist and is your account.
2. Hire a professional credit repair company
If you choose this method you will only have to tell the service which items you want to dispute and they will handle the rest. I suggest a service if you have multiple negative marks.
Many services employ expert credit attorneys. These can be invaluable to have on your side fighting to repair your credit.
These experts know all the ins and out of credit laws. Frequently they use case precedents or loop holes in the laws to have a negative mark removed.
In addition attorneys can use advanced dispute tactics. These include; escalated dispute information requests, creditor direct intervention and debt validation. Also should your case require it they can represent you in a court of law.
A charge off that is not disputed will remain on your credit report for 7 years. It is often a result of an unsecured credit card that goes unpaid for 6 months.
The original creditor will charge off your account, this is done for tax purposes for the creditor. Your account will then be sold to a collection agency and they will be able to report your account negatively if they can not recover payment from you.
In addition this agency will be able to sell your account again; this can create a trail of negative marks on your credit report. Thus if you have a charge off you should give it immediate attention so it does not become multiple marks. The number of times your account is sold depends upon the size of the debt.
In sum you should take immediate action when you get a charge off. Otherwise one account can become multiple negative marks on your credit report. You can remove this item from your credit report, without waiting seven years.
