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HomeCredit ForumCredit repair

charged off

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hogc1



Joined: 07 Oct 2008
hogc1's page
Posts: 2



58 Magic Points
Subject: charged off
 
 Posted on Tue Oct 07, 2008 8:07 pm  
need help removing a charged off debt
 
anthony

anthony

Joined: 31 Jul 2006
anthony's page
Posts: 493



12319 Magic Points
 
 Posted on Fri Oct 10, 2008 9:03 am  
Hi Hogc1
Charge off listing can never be removed from your credit report once the debt is sold to the collection agency. The only way to reduce its impact on your credit score is to ask the collection agency to remove the listing from "paid charge off" to "paid as agreed". However, if the debt is still with the original creditor, you can negotiate with the creditor for "pay for deletion" agreement to remove the listing from the credit report. If the original creditor agrees to "pay for deletion" agreement, get it in writing.
_________________
Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
You can also visit my blog
http://financewatchonline.blogspot.com
 
Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 417



10874 Magic Points
 
 Posted on Fri Oct 10, 2008 9:11 am  
Yes, Anthony is correct. Normally a charge off listing can never be removed from your credit report and it stays there for seven years and lower your credit score by as much as 100 points. So you should always avoid charge off. Now since your debt has already been charged off, you should pay it off, because charge off does not mean that you are no longer liable for the debt. In fact, even after your account is charged off, the creditor can sue you to the court and bring judgment against you to recover the debt.
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Best Wishes
Justin
 
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