A single charge off on your credit reports can keep you from being approved for credit.
Is it possible to
Creditors see a charge off as a glaring indication that you have not been responsible with your finances in the past and cannot be counted on to fulfill your financial obligations in the future.
Remove Charge Offs
from a credit report?The numbers speak for themselves.
Last year, Lexington Law helped our clients
remove over 150,000 charge offsfrom their credit reports.**
A creditor will typically charge off a debt if there has been no payment on the account for 180 days. For the consumer, however, this does not mean you are no longer responsible for the debt. The creditor can continue their collections efforts either in house or through a third-party collections company.
A charge off can find it's way on to the credit reports of even the most credit worthy individuals.
Whether you owe $100 or many thousands of dollars on a credit account, after the 180 day period has passed, your creditor can charge off the debt and report it to the credit bureaus.Unfortunately, for many people it is surprisingly easy to have a questionable charge off appear on their credit reports. For example, even the most responsible consumer can forget to tell a creditor their new address when they move. It is not until their credit score plummets because of a charge off that they realize they have not been receiving a bill they would have been happy to pay.
“I am more than happy with what you have been able to accomplish. When I started this, my credit score was 480 and I had several inaccurate items on my report including two chargeoffs...My score is now 684 and I just bought a truck at a favorable interest rate.”
- S., Lexington client*
(Your results will vary)
(Your results will vary)
There are steps you can take to remove a charge off, Lexington Law can help.
Just because you have a charge off on your credit reports does not mean you have to live with it for 7 years. Through creditor negotiations and credit bureau disputes, you may be able to improve the status of the charge off or completely remove it from your credit reports.You can work directly with your creditors to negotiate the removal or revision of a charge off. In exchange for resolving the debt, your creditor may be willing to stop reporting the account or report it as "paid in full." In the event where a charge off is being erroneously reported on your credit reports, you can dispute it directly with the credit bureaus.
Lexington Law has helped thousands of clients remove inaccurate, untimely, misleading or unverifiable (questionable) charge offs from their credit reports. Through effective credit bureaus and creditor disputation, Lexington Law helped our clients remove over 20,000 such charge offs in the past 3 months. In addition, Lexington Law has helped remove numerous other inaccurate items related to charge offs such as late payments and collections accounts.
