If you have recently pulled your credit report and noticed an account has been “charged off”, you might be wondering what that means and how you can get it removed from your credit report.
How I a Removed Charge Off From My Credit Report
An account is charged off when the original creditor decides they probably aren’t going to get paid and are writing off the account as a loss. This usually happens when you haven’t paid on the account for many months. After they charge off the account, it’s usually sold to collections and you get a ding on your credit report there too. It’s a mess.
Nonetheless, it’s a mess that can be cleaned up. Here is how I removed a charge off from my credit report.
1. Offer to Pay Creditor for Deletion
This is the easiest way to get a charge off removed from your credit report if you have the money to pay off the remaining balance. In order for this to successfully work, you’ll need to write a letter to the original creditor stating that you’re will to pay the account in full if they agree to remove the charge off from all three of your credit reports. Make sure you get this in writing!
Once you have it in writing that they will remove it, cut them a check and if all goes well they’ll remove the negative entry. Check out my Pay for Deletion Letter template to get an idea of what you’ll need to say to them.
2. Use an Advanced Method to Dispute the Charge Off
If you don’t have the money to pay the charge off balance in full or you’re unable to get the original creditor to agree to remove the charge off from your credit report, the next step is to dispute the negative entry using an advanced method.
In order to dispute the charge off using the advanced method, you’ll need a copy of your current credit report. Find the charge off entry and verify every piece of information related to that entry is correct and that there are absolutely no errors. The trick here is that you want to find any information that isn’t correct and dispute it.
Some examples are, balance, credit limit, date opened, date closed, etc. If you find any information that isn’t correct, write a letter to each of the 3 credit bureaus stating that there is incorrect information that needs to be corrected or removed. If the incorrect information can’t be verified, they’ll have to remove the charge off.
3. Have a Professional Remove the Charge Off
Lastly, if you’re the type of person who would rather have a professional handle it and just be done with the whole thing, I suggest you check out Lexington Law Credit Repair. They’ll take care of you, and honestly they usually get stuff removed a lot quicker. Give them a call at 1-844-764-9809 or Check out their website. (They are open on weekends)