This week, major financial companies, including Bank of America and Capital One Financial announced declines in the number of charge offs they issued on delinquent consumer credit card accounts in December.
JPMorgan Chase, the nation's largest credit card issuer, also found the number of charge offs – accounts with outstanding balances the lender believes will be uncollectable – it issued declined during this time.
The company said charge offs on consumer accounts fell to 7.1 percent in December, down from the 7.34 percent observed at the end of November, Bloomberg reports. While in many cases these delinquencies are caused by late payments to lenders, occasionally consumers who have paid off delinquent accounts could find them lingering on their credit reports for much longer.
According to recent statistics, as many as 80 percent of these reports contain some form of error, which in turn can cause consumers to garner higher interest rates on insurance, mortgages and credit cards from lenders.
As a result, consumers who find a charge off error on their credit reports may benefit from contacting a credit repair company. A credit repair attorney can ensure an individual has the proper knowledge and tools to effectively dispute improper items on his or her report.