Charge off is a negative listing in your credit report. It means that the creditor has considered the debt as a bad debt. A creditor generally charges off an account if you have not made a payment towards the debt for a continuous period of six months. However, your account can also be charged off by the creditor is it is past due for over 90 days.
Hi Gacevedo
Although you cannot remove the charge off from your credit report before seven years, you should pay off the debt by coming to a settlement agreement with your creditor. This is because, charge off does not mean that you are no longer required to pay off the debt, and the creditor can sue you to the court and bring judgment against you to recover the same if the SOL on the debt has not yet expired. So to avoid judgment you should pay it off. Once you pay it off, it will be listed as "paid charge off" in your report.
A charge-off does heavily affect your credit score but you can always negotiate with your creditor to remove it from the credit report once your dues are paid.
These days, condo owners share more than a roof and walls—they also share each other’s financial woes. Lenders are now taking into account the financial health of entire blocks when assessing individual applications for mortgages and refinancing.
Charge off is a negative listing in your credit report. It means that the creditor has considered the debt as a bad debt. A creditor generally charges off an account if you have not made a payment towards the debt for a continuous period of six months. However, your account can also be charged off by the creditor is it is past due for over 90 days.
Hi Gacevedo
Although you cannot remove the charge off from your credit report before seven years, you should pay off the debt by coming to a settlement agreement with your creditor. This is because, charge off does not mean that you are no longer required to pay off the debt, and the creditor can sue you to the court and bring judgment against you to recover the same if the SOL on the debt has not yet expired. So to avoid judgment you should pay it off. Once you pay it off, it will be listed as "paid charge off" in your report.
Hi Gacevedo,
A charge-off does heavily affect your credit score but you can always negotiate with your creditor to remove it from the credit report once your dues are paid.
Mortgage Loan Modification
Hi,
These days, condo owners share more than a roof and walls—they also share each other’s financial woes. Lenders are now taking into account the financial health of entire blocks when assessing individual applications for mortgages and refinancing.
Mortgage Loan Modication