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How To Have A Charge-Off Removed From Your Credit Report

If you have a charge-off on your credit report, then it could be wreaking havoc on your credit score. To repair and rebuild your credit, it’s essential that you have this charge-off removed immediately. In fact, if you don’t remove a charge-off from your credit report, it will stay there for up to 7 years. That means 7 more years of bad credit.

This may be easier said than done. Having a charge-off removed from your credit report takes time and a series of steps, including writing a letter of dispute to all three credit bureaus.

This is best handled by a professional credit repair company, but we will still provide you with the facts. Let’s take a closer look at how to have a charge-off removed from your credit report.

What is a Charge-Off?

A charge-off is a declaration by a creditor or credit card agency that states that your debt is highly unlikely to be paid. This happens when someone becomes severely delinquent on a debt and doesn’t make any payments for at least 6 months.

Step 1: Negotiate A Pay-For-Delete Offer

This negotiation method works well for an unpaid charge-off on your credit report. All this means is that you pay off the full amount of your debt so that you can have the charge-off removed from your credit report.

Not every creditor will accept this offer, but most will. It certainly can’t hurt to try. There are a few things to keep in mind before deciding to pay for deletion.

• Some creditors will claim that they cannot legally remove the charge-off from your credit report even if you pay.
• If it’s an old charge-off, you shouldn’t offer to pay it off in full. Negotiate for 50% or less than what they’re asking, and then you can move forward from there with your negotiations.
• NEVER provide a debt collector/collection agency with your bank account information. This is NOT smart.
• You are able to negotiate this offer over the phone, but you should always get the agreement in writing before sending them any money.

Step 2: Dispute The Charge-Off

If you don’t have the funds to pay off the balance of your debt, and if you’re even unable to have the creditor agree to remove the charge-off from your credit report, then you should dispute the negative item. In order to dispute a charge-off from your credit report, you will need to provide the creditor with a copy of your current credit report for review.

While you’re disputing this, take a closer look at your entire credit report to verify if there are any other mistakes to dispute. From there, you should be very specific. Include the following information:

• Account number
• Open date
• Charge-off date
• Creditor name
• Payment history
• Balance
• Relevant names

Do your very best to persuade these creditors to remove the charge-off from your credit report, as it directly affects your credit score. If you find it difficult, confusing, or overwhelming, then perhaps you should leave it to the professionals.

Hire a credit repair company to handle your credit bureau dispute endeavors to ensure that the process is taken care of in a stress-free manner.

Step 3: Hire A Professional Credit Repair Expert

Many people attempt to handle the credit repair process on their own accord. Although this is possible, it’s not recommended. Credit repair can be a nightmare for those needing to rebuild their poor credit. It takes a lot of time, patience, and energy into repairing your credit.

In fact, it can be so overwhelming, that people decide to give up halfway through. This means that you’re both tired and exhausted, while not even making a dent in repairing your credit. This can be very disheartening, especially if you’re desperate to rebuild your credit.

We will work with your original creditor and/or credit card issuer to ensure that your credit report has all accurate information and will dispute any inaccurate information. Your charge-off is in good hands with us. We have many years of experience with having charge-offs removed from credit reports and we’re confident that we can help you too.

We receive compensation for our services that are both fair and affordable so that you don’t have to break the bank. We’re not about the money here. We’re about helping you repair your credit so that you can regain your financial freedom. Let us review your collection account so that we can work towards emptying it.

How To Remove Negative Items From Your Credit Report

When you have bad credit, it can prevent you from purchasing certain important things. It can affect your ability to rent an apartment, buy a house, lease a new car, or get approved for a loan.

If you have negative items on your credit report, such as a foreclosure, tax lien, or late payment, then it could be attributed directly to why you have a bad credit score.

The only way to rebuild your credit is to have these negative items removed as soon as possible. If you’re unsure of how to do this, then you’ve come to the right place. We’ll show you a step-by-step process on how to remove negative items from your credit report so that you can finally regain your financial freedom.

Let’s take a closer look – shall we?

Submit A Dispute With The Credit Bureaus

To write a letter to the credit bureaus is not very difficult, however, many people find themselves making some crucial mistakes. Perhaps they’re not as clear as they should be, or they forget to include vital information that will make or break their case.

This, amongst a plethora of reasons, is why you should hire a professional credit repair expert. They have the knowledge, experience, and expertise to write the perfect credit report dispute letter to the credit bureaus on your behalf.

Your credit report dispute letter should include:

• Current date
• Personal information (name, contact information, date of birth, and credit account number)
• The credit bureau’s contact information
• Any relevant documents that can make your case (payment or court records, for instance)
• A brief explanation of the inaccurate information or errors on your credit report
• Instructions about what you want the credit bureau to do about the situation
• A copy of your credit report with the highlighted errors
• A scanned copy of your government-issued ID (driver’s license or bill with your address)

Where Do I Send My Credit Dispute Letter?

You must send your credit report dispute letter to all 3 credit bureaus – Equifax, Experian, and TransUnion.

Send A Pay For Deletion Offer To Your Creditor

If you have a delinquent or past due account, then a “pay for delete offer” technique is your best bet. You have to approach things a bit differently in this case. Credit bureaus will never remove accurate information even if you dispute it. They have a team of investigators to verify that this information is accurate.

So, you have to get a little bit creative in negotiating some items to be removed from your credit report. In a pay for delete negotiation, you can offer to pay the account in full in exchange for having the negative items removed from your credit report. Not all credit reporting agencies will accept this offer, but most will.

The Bottom Line

Credit repair doesn’t happen overnight. It takes time, effort, and resources to do it correctly. However, if you’re patient, the pay off could be huge. Trust My Credit Advice to write an in-depth, comprehensive credit dispute letter to the credit bureaus on your behalf.

We are caring, compassionate credit repair experts with an aggressive, headstrong approach to handling your dispute with the credit bureaus. We will help you to improve your credit scores and advise you on your debt management endeavors.

Whether you have collection accounts, late-payments, foreclosures, bankruptcies, or repossessions, we can help you make your case to have these negative items removed from your credit report. Get good credit today with My Credit Advice!