Can You Delete a Charge Off From Your Credit Report?

November 4, 2010 by  Filed under: Credit 

Removing a charge off from your credit report is possible. With today’s unstable economy, creditors are happy to receive whatever payment a consumer can offer on an overdue account. This means that consumers hold more power in the negotiation process. According to the Better Business Bureau (BBB), consumers are taking advantage of this new trend by contacting creditors directly, arranging a payment plan, and requesting removal of charge offs from your credit file.

– Contact Creditors Directly

If your creditors wish to resolve past payments, they will yield to the repayment plan you can afford in order to settle the account. Contacting creditors directly can become a risky business if you are not prepared. Be prepared to verify the debt, ask for it in writing, and arrange a payment plan that requires signatures from the creditor for documentation.

– Arrange a Payment Plan

The payment plan has to contain information to the aforementioned agreement: the terms of which you will submit payment by money order, automatic withdraw from a checking account, and/or personal checks sent directly to the organization. Clarify the payment schedule by listing dates the expected payments are to be received, whom will contact you for reminders, and when the agreement will become void.

– Request Removal of Charge Off

The written agreement should state the specific steps in which the charge off is removed from your credit report. Companies of all stature must adhere to consumer requests pertaining to their accounts. Collection agencies and creditors are responsible for their promises to consumers or legal proceedings can occur. The National Foundation for Credit Counseling can assist in managing charge off accounts on your credit report. The foundation can also provide guidance in legal proceedings for a creditor not willing to adhere to an agreement. The credit bureaus will be able to help as well once you send documentation of the agreement a creditor did not uphold.

The power of the consumers has evolved over the last 10 years as the economy struggles to regain its strength. Charge off accounts are common amongst the unemployed and/or working individuals who are not earning enough to complete financial obligations.

Summing up, do not let the problems of your financial past creep up in your future – have charge off accounts removed from your credit report by swift action in managing debt through a seasoned credit counselor or doing it by yourself if you think it is your best option.

NOTE: Get your credit report and scoring improved. Use one of the best Credit Report Services in the market offering a free trial and the cheapest price thereafter. Then take your time to find a reputable credit repair company.

Hector Milla runs the Credit Repair Companies website – where you can see the top 3 best rated credit reporting companies.

Article Source:

Hector Milla - EzineArticles Expert Author

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