A charge off can stay on your credit report for seven years. If you are not pro-active and are not disputing with the credit bureaus, you will have to wait for the expiration of the reporting period for the original account to drop off. Besides a bankruptcy, a charge off is the second worst derogatory account that you could have on your credit report and it can lower your credit score dramatically. Best Legal Credit Repair can help with getting these stubborn charge offs removed. Sign up now
The impact that it has on your credit scores depends on the age of the item and the overall content of your credit report.
The best way to remove a charge off from your credit report is to dispute the item with the three major credit bureaus. Best Legal Credit Repair will work hard on your behalf to dispute the negative charge off items and have them removed from your files.
When the original creditor charges off an account, they will in many cases sell it to a collector. The collector will then also report to the credit bureaus. When this happens, the original creditor is supposed to report your balance as zero, so that you will not appear to owe double the amount. Often this does not happen and the creditor continues to report a balance. A collector is supposed to remove the account from your credit report when he sells the debt. There should never be more than a single collection account for the same debt on your report. This happens all the time and one charge off can create 3 or 4 derogatory items on your credit report. This actually makes it easier for you to get the items removed. We will send a legal dispute on your behalf and all parties involved must comply with the law. We have a high success rate of getting charge-offs removed for our clients. Sign up now.
