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Credit Repair

How to Remove Charge-Offs from Credit Report

Credit repair can be a somewhat lengthy task but charge-offs can, with persistence, be removed from one’s credit report. The negative credit report item known as a charge-off can be detrimental to a consumer when applying for such credit-based products as a mortgage or car loan. Typically, unless contested or disputed, a charge-off will remain on a consumer’s credit report for up to seven years. However, the key to effective and complete removal of a negative credit report item such as a charge-off is knowing how to effectively contest or dispute the charge-off, assuming it is not valid.

Validating Debt with Original Creditor

The first and often the easiest step in credit repair of this sort is to contact the original creditor and inquire about the debt in question, and why they are reporting the debt as a charge-off. If the debt is indeed valid, then try working with the creditor in coming to favorable terms for paying down the debt, and to then have the charge-off removed. Be cautious and always get terms in writing, and if possible use certified return receipt mail to log all correspondence. If a debt is not valid and is being reported in error, you should insist that the creditor or collection agency stop reporting in error. Creditors are required under Federal law to comply and correct any errors in reporting.

The Formal Credit Dispute Process

If for any reason the original creditor refuses or fails to remove an invalid or incorrectly reported charge-off from a consumers credit report, there are additional options available to the consumer. By contacting the three primary credit-reporting agencies and requesting a free credit report, the consumer can begin a formal dispute process. Most credit reports have a dispute resolution section located directly on the credit report. This dispute resolution can be done via a hard copy that is mailed to the consumer’s home address, as well as through the Internet. Either way a consumer chooses, the process is easy and simple to initiate.

In the dispute process, the consumer can post a written explanation as to why they are disputing the charge-off or other negative credit reporting. This written explanation is then displayed directly on the credit report, alerting other potential creditors that you are indeed disputing and questioning why or how the debt is being reported. Often times this posted information can help when applying for a new loan. Once a dispute has been logged with the credit-reporting agency, the original creditor has a limited amount of time to respond to the dispute and take appropriate action. If for some reason the original creditor does not respond in a timely manner, the negative mark is usually removed by default in favor of the consumer.

Credit Repair for Charge-Offs – Enlisting Help

If the dispute process sounds time-consuming and complicated, it certainly can be.  That’s why many consumers decide to enlist the help of a reputable credit repair agency.  Credit repair companies will professionally manage the dispute process.  Most companies charge on a per-item basis.  Others charge a monthly rate.  We have partnered with trusted companies across the nation.  Simply complete our easy contact form to speak with a credit repair professional.  They will provide you with your free credit score and review your credit score for any charge-offs that may be removable.

Knowing the credit laws and how they benefit consumers is vital in today’s information intensive world. If a debt is valid and past due, try to pay it off. However, if there is any misreporting or errors in credit reporting, it is up to the consumer to demand this be corrected. One of the safest steps to take when interacting with creditors is to always log each and every conversation and keep detailed and exacting records of all mail both sent and received. Working with creditors is always the best policy, but consumers must be careful and always look out for their own best interests.