|
Removing a charge-off from your credit report |
Article Submitted by: Justin scott
Friday, 23 October 2009
|
You definitely want a clean credit report to be able to make future application for loans when you need them. Charge-offs can be damaging to your score and is supposed to remain on your report for 7 years from the date a debt has been charged-off. This will be seen by prospective creditors and will not have a good impression on them about your financial habits. Does a charge-off mean you don't have to pay anymore? No, it absolutely doesn't mean that. Even if a debt is charged-off, it doesn't mean you are forgiven; you still owe the money and have to pay it. Any creditor can continue to make payment claims unless you pay it off. You may also be sued for the same. A charge-ff may have serious implications with future creditors, so it is better that you take care to get it removed from your report. You may try and negotiate to lessen the effect this is going to have on your report. How to remove a charge-off? The best way to do this is speak with your creditor and try to convince him to get it removed in lieu of payment. A charge-off is reported by the original creditor, so if a collection agency has been calling for payments, you cannot deal with them regarding removal. You will have to call your original creditor and negotiate. However, before you do this, you must have a fair idea as to how much you can pay at once. Do not make a commitment that you can't keep. You can be at an advantageous position if you can pay more money and sooner too. Express your intentions of a credit clean up and that you are interested in making payment arrangements in return of the bad report being removed. When dealing with your creditors avoid any blame game and be polite. Speak to the point and be direct when explaining your situation. Any agreements made, have it in writing so that you have documented. When your creditor agrees to remove a charge-off get it in writing. You can ask them to fax a copy of the agreement on a company letter head to you or you can ask them to respond to a letter that you write to them stating about the pay for delete. Do all of this through certified mail and ask for a return receipt. Make a payment only when you have the final agreement in your hands in writing. Once the agreement is fulfilled, check your report to see if the creditor has removed the charge-off. Article Source: http://www.ArticleBlast.com |
About The Author:
Justin is a financial writer and an active participant in the Creditmagic community. He helps people in finding out ways to improve their credit scores, solutions on credit clean up and shares the most latest Updates in the credit Industry.
Justin is a financial writer and an active participant in the Creditmagic community. He helps people in finding out ways to improve their credit scores, solutions on credit clean up and shares the most latest Updates in the credit Industry.
You are welcome to publish this article free of charge on your website, newsletter, or e-zine, provided:
- You don't change the article in any way
- You include the entire article, including the "about the author" box
- All hyperlinks must remain intact, including email addresses, and the link to ArticleBlast.com at the bottom
- In doing so you agree to indemnify the article's author, and ArticleBlast.com and its directors, officers, employees and agents from and against all losses, claims, damages and liabilities which arise out of its use
- It is also recommended that you provide a courtesy copy of your publication to the author of the article
