A charge off can be removed by disputing the mark. This must be done directly with the credit bureaus.

When a dispute is filled it is your way of saying this mark is not accurate. There are two ways to dispute a charge off.

1. Create a dispute letter

This is done yourself. In this letter you simply identify the charged off mark and provide a reason for its inaccuracy. Reasons can include; not my account, account paid in full, item is out of date.

Upon receipt of your valid dispute letter the bureaus will hold and investigation into the listing. They will contact the lender and verify that the account did exist and the amount’s and dates are correct.

2. Hire a professional credit repair company

With this method you tell the firm what marks you want to dispute and they do all the rest. I suggest this method if you have multiple negative listings on your credit report.

Many of these companies have credit lawyers on their payroll. This can be very beneficial to have on your side.

Credit lawyers will have an expert understanding of credit laws. They can often use these laws and other case precedents to help remove a negative listing from your credit.

In addition credit repair firms are able to use advanced dispute techniques to remove stubborn negative marks. These techniques include; debt validation, escalated dispute information requests and creditor direct intervention.

Charge offs will remain on your credit report for 7 years unless you take action to remove it. Typically they will occur with an unsecured credit card that becomes delinquent 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, a charge off on your credit report will negatively impact your score. However you do not have to live with it for 7 years. You can dispute it and have it removed.

Popularity: 1% [?]