A charge off can be devastating to your credit history. Just having one is enough to lower your credit scores by 100 or more points and cost you a lot of money when it comes to getting new credit such as car loans or mortgages. If you have a charge off on your credit report you should act as soon as possible to delete it. If you wait for them to run their course you will be waiting for a long time as a charge off will stay on your credit report for as long as seven years from the last date of activity (typically the last time you made a payment).
To delete a charge off from your credit report you will need to get copies of your three major credit reports:
Equifax
Experian
TransUnion
Once you get all three you will need to see if the charge off is reporting to all three of the credit reports. Now, I am going to discuss something. If you still owe on the charge off, it is possible for you to get it removed, but here are a few things that you need to understand. A charge off that is not paid is about twice as hard to delete than a paid charge off. Also, a non-paid charge off can and most likely will find its way back on your credit report at a later date.
I suggest if your charge off is un-paid and you have the capacity to make a settlement you should do so. While you are at it you should ask in your settlement offer for the charge off to be removed from your credit record. Depending on the age of the charge off you may be able to settle for as little as 30% of the original balance. If it is fresh, you more than likely will have to pay it in full.
Ok, now we will discuss deleting the charge off. You should send a letter to all the credit bureaus that the charge off is reporting on, disputing the accuracy of the charge off. Be detailed with your dispute such as "date reporting is wrong please delete" "balance is not correct, remove immediately". Send the letters and wait for approximately 30 - 45 days and the credit bureaus should reply with letters telling you if your disputes worked or did not work. If the charge off is still on, write another letter disputing something else specific about the charge off.
I personally suggest Lexington Law Firm to remove a charge off on a credit report. They help over 13,000 people each month to better their credit score by deleting charge offs, bankruptcies, foreclosures and collections...they even delete judgements.
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