To any of us, forgetting to pay a bill or two may happen. Due to stress and plenty of daily tasks, it isn’t more widespread than you think. Once 180 days pass, a creditor will write off the debt in question. The situation is even worse if you know that the report will be visible on a credit report.
The next time you want a loan or a mortgage, creditors will see the charge off, so they won’t allow you the loan. Don’t even think that the original creditor will forget about the debt! In a matter of fact, they will use a collection agency to get their payment back. Obviously, the best thing to do is to remove the charge off from a credit report. And you want to know how to remove charge off from your credit report. There is no a strategy which is 100% reliable, but here are 5 of them which are the most successful. We advise you to try a few or all of them.
Contact a credit bureau in order to solve the problem
The first and the easiest strategy is to communicate with the credit bureau. In some situations, a charge off occurs because a person forgets to update the address, after moving or etc. it is entirely clear that this isn’t an intentional mistake, so the credit bureau will help you in removing the charge off.
It is also possible that the charge off isn’t really yours. Then you can demand urgent removal and you may even get a few benefits more. Within the strategy here, it is advised to acquire new data regarding the debt. Ask for additional information, dates and anything else which may have meaning to the cause of charge off.
Remove old charge offs
Old charge offs will stay on a credit report for precisely 7 years. If the time passes, but they are still present on the report, it means that the credit bureau made a mistake or just they forgot about the removal. If that happens, be free to contact them as soon as possible. They are obligatory to remove the charge off.
Analyzing credit reports and solving the cause
This is actually one of the first things you need to do. Analyzing the credit report will give you insight into details about payments, charge offs and etc. Only then you are ready to take a suitable action. Pay close attention to the old charge offs and the list of all payments. Look for mistakes, errors, and issues which may have cause charge off.
Demand removal directly from creditor
Here we have the ultimate strategy. It is also the most stressful of them all, so you may need patience and effort. The main thing to do is to call or get in touch with a creditor who gave the order for charge off in the first place. Make sure you will discuss with a person with clearance to remove the burden off! In a case you don’t want a phone call, you can use the pay-to-delete letter. It is more common than you think.
With a suitable payment, a creditor will indeed remove the charge off. Their interest is to earn money, not to give you a hard time. Just make sure you can actually pay for that amount, due to the fact most of them will ask more than it actually is. If they refuse removal, try to negotiate something to reduce the negative score of the charge off. Don’t forget that every single proof must be in written form.
Remove collection records from your credit report
Eventually, you will have to pay the debt. But, you must negotiate with a collection agency and try to reach an understanding regarding their collection records. The best thing to do is to make a deal according to which you will pay the debt, but they will have to remove the files from your credit report.
The agencies in question don’t have to do this, but most of them will. It is a smart decision if you can make something up or find some reason why you’ve done the debt at first place.
The final word
One way or another, you will remove the charge-off from your credit report. It is mandatory to mention that proper communication and being persistent are the main things to follow. Anyway, in the future, you will know how to deal or even better, how to prevent charge off from happening at all.