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Yes, charge off listing is not good for the credit score

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erb1953



Joined: 31 Dec 2007
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-100 Magic Points

 
Posted on Wed Jul 16, 2008 2:08 am  

You have to be patient, it takes a while to get them off your report, then it will happen.
scott

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10890 Magic Points

 
Posted on Wed Jul 16, 2008 10:49 am  

Yes, charge off listing is not good for the credit score. Once charge off gets listed in your credit report it stays there for seven years plus 180 days from the date it is reported in the CRAs. Moreover, charge off can lower your credit score by as much as 100 points. So one should always avoid charge offs by coming to a repayment agreement with the creditor.
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Use your credit account responsibly and enjoy a debt free life.
goodnatured



Joined: 03 Nov 2007
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Posted on Wed Jul 16, 2008 1:46 pm  

Wow, that is a lot, I had no idea that it lowered your score that much, that is a lot. Now how does it affect your score if you had the charge off, but have charged them off?
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scott

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Posted on Thu Jul 17, 2008 7:05 am  

Hi goodnatured
Even if you pay off the charge off, the sad part of the thing is that it will hardly improve your FICO score. However, it is always advisable to pay off a charge off account because it gives a better look to your credit report, mostly when your future creditor is going through your credit history.
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SCOTT

Use your credit account responsibly and enjoy a debt free life.
lombardifamily09
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Subject: delete charge off
 
Posted on Thu Aug 28, 2008 3:50 pm  

You CAN delete a charge off from your credit report. I have done it MANY times. I have had 35 negatives on my credit report. 18 of which were charge offs. I wrote dispute letters over and over and over again and kept sending them to all 3 credit reporting agencies... then I kept requesting ALL original documents as required by law they have to give them to you to prove to YOU not you prove to them !! YOU ARE IN CHARGE if you want to be.. grow some balls and dispute EVERYTHING over and over again... PS send ALL documents with a return when received card !! that way they know you are serious... i went from 35 negatives down to 3 negatives...... be persistant !!
fireyone



Joined: 26 Feb 2008
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123 Magic Points

 
Posted on Fri Aug 29, 2008 12:49 am  

Good job Lom. Hopefully maybe GN will stop back and she can read this post and get some of hers off. She has been working on her credit for a while and doing a awesome job.
josie
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Subject: sol
 
Posted on Mon Feb 15, 2010 5:22 pm  

If I have a charge off and now being sued what is the statue of limitations
Aaron

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Joined: 08 Feb 2010
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Subject: charge off and statute of limitations
 
Posted on Tue Feb 16, 2010 7:47 am  

Hi Josie,

It would have been much more easier, to answer your query if you had been clear on the can kind of debt you have and the state where you live. Statute of limitations (SOL) depends both on the state and the type of account. It is different for oral contract, written contract, promissory note and open ended account.

SOL in regard to debt, is the time limit within which, the creditor can sue you for not paying the debt. However time limit for a charged off account to fall off your credit report is 7 years.

You can check out the SOL of your state for more details.
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?laura?
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Subject: listed as paid
 
Posted on Thu Mar 11, 2010 9:28 pm  

my husband has 8 medical accounts that were turned to collections. all were paid in full. his report just says paid. is this good or bad? should i try to have them changed to paid in full?
Mike1995
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Posted on Tue Jul 13, 2010 1:24 pm  

I have a charge off on my report that has been there since 08. I haven't heard anything from the creditor for 2 years and get a call out of the blue today about it. I am in the process of fixing my credit and have brought my score up from 572 to almost 700 already without touching this one, and I have sent a couple more which should take me over 700. What should I do about this charge-off? I live in WV and I believe the SOL here is 2yrs. Now I don't want to update the date on my credit report either, because that will negatively effect my score. I am pretty sure this is a different creditor for this debt, so could this go on my report a second time for the same item? Thanks for any help.
Aaron

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Subject: repairing credit
 
Posted on Fri Jul 16, 2010 11:45 am  

Hi Mike,

You can request the creditor to pull back the account from the collection agency. Once an account is charged off, it gets handed over to a collection agnecy. If the creditor agrees to pull back the account, you can request the creditor to agree to a "Pay for delete" (PFD) agreement. With the PFD, the charge-off will get removed from your account. Remember to get the agreements in writing.

Thanks,

Aaron
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sdchargers_63

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Subject: insurance
 
Posted on Fri Jul 16, 2010 11:58 am  

AARON..that's not an AUTOMATIC thing, is it? You said.."with the PFD, the charge off will be removed.." I know someone in a similiar situation..that's why I'm asking. My friend lives here (in PA). I know there is a SOL of 4 years for negative debts. However....is the SOL still the same for 'charge-offs'?
Aaron

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Subject: reply
 
Posted on Sat Jul 17, 2010 7:57 am  

Hi sdchargers,

With "Pay for delete" (PFD) the charge-off can get removed only if the original creditor or lender agrees to the PFD. Not all creditors agree to PFD.

Quote:
I know there is a SOL of 4 years for negative debts. However....is the SOL still the same for 'charge-offs'?
I am sorry, I quite don't understand you. Statute of Limitations is 4 years for negative debts? You mean negative things stay on credit report for 4 years? ANy negative things, and charge-offs will stay on the credit report for 7 years.

Thanks,

Aaron
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sdchargers_63

sdchargers_63

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Subject: credit
 
Posted on Sun Jul 18, 2010 1:25 am  

AARON..sorry I wasn't too clear on my question. I meant do 'charge-off's' stay on a credit report as long as any OTHER negative debt? THAT'S what I mean to ask. However....you answered my question. Thanks.
Mike2010
Guest






 
Posted on Thu Jul 22, 2010 5:19 pm  

If an item is charged off on your credit report over 2 years ago, can they come back at you and try to collect again?

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