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anonymous1234letsgo
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| I setteled my credit card so i owe them nothing, but on my credit report it says charge off, how do i get this removed and how bad is this hurting my credit score? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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undoubtedly the account was charged off prior to your settlement. therefore, the credit report is correct in showing it that way, because your creditor reported it to them. the only way to eliminate that citation is to discuss it with the creditor involved, and ask that they remove the notation of "charge off." keep in mind that they don't need to do so.
i'm sorry that i can't tell you how much of a hit on your credit score you take for this. perhaps someone else....
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George M. Akerley
Loan Consultant
860-221-5044 |
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| Thank you for your reply. I have a letter from the creditor that states this was paid. Will this help to remove it from my credit report? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi Guest!
Welcome to the forums!
You can submit the letter to the credit bureau and update the status of your credit line. However, any negative item would remain in your credit report for 7 years. Before that, I don't think this will get removed from your credit report.
Feel free to ask if you've further queries.
Sussane |
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wannafixit
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Post subject: charge off removal date? |
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I am currently dealing with my husbands nasty credit reports. He has one <charged> that states it's been sold to a collection companY. On our transunion report is states <estimated> this date is Sept. 2009. We also received a notice on June 28, 2009 from the collection agency there balance is almost double of the original amount but settlement offer is approx. the same as the original debt.
My question. should I pay off this debt even though it's suppose to be removed in a couple of months? and once it's removed from his credit report is it GONE FOR GOOD OR WILL IT COME BACK TO HAUNT US??
we really want to apply for a mortgage but I'm afraid that paying it off won't make a difference! |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Hi wannafixit,
It is always better to pay off the debts as it will help you in keeping your credit clean. However, if you are unable to pay off the debts, then you need to check out the SOL period that is applicable in your state. If you find that the SOL period will expire within a few months, then it would be better if you do not pay the debts and let it get removed from your reports.
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Procrastination is the enemy of your financial sucess |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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statute of limitations isn't what affects credit reporting - that's regarding legal issues. credit agencies maintain derogatory records for 7 years. i saw nothing in your post, wannafixit, that the 7 year period was nigh.
you mentioned two 2009 dates, but nothing earlier.
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George M. Akerley
Loan Consultant
860-221-5044 |
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Yummiepr
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Post subject: charge off |
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I have two charge offs on my credit report. Although I paid it off through the collection agency, its show negative on my report 4 times. 2 for the initial debt and 2 times where it shows it was sold and paid. What can I do?  |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Hi Yummiepr
If you've paid off the dues to the collection agency, you must be having documents related to that. You should contact the credit bureaus and ask them to update the information in your credit report.
Thanks.
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Good is the Enemy of Great. |
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cmiman
Joined: 30 Jul 2009
Posts: 1
1.34 Dollars($)
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Post subject: Charge Offs |
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| We have a credit card that the last payment made was in 2003. It now shows as a charge off. We have a collection agency that just started hounding us the last couple weeks and I am under the understand that they can't do anything because the SOL in Missouri is 5 years. Can I get this charge off removed from my credit report? Thank you. |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi cmiman!
Welcome to forums!
You will have to first check out when your credit card debt was charged off. This will help you in determining whether or not you are within the SOL period. If the SOL period is over, then the collection agency cannot harass you. As far as removing the charge off from your credit report is concerned, it will remain as a negative item on the report for 7 years.
Feel free to ask if you've further queries.
Sussane |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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to determine the law, you may want to contact your state attorney general's office.
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George M. Akerley
Loan Consultant
860-221-5044 |
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ladyducky
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Post subject: Charge Off |
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| [font=Georgia][font=Arial]I have charge off items on my credit report. I was reviewing my credit report last nite. It says they well be removed 2011-2013. I'm not sure if I should just wait or file for bankruptcy? please help. I'm confused |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi ladyducky!
Welcome to forums!
Why do you want to file bankruptcy? Is it because of the charge off accounts on your credit report or do you have other debts? It would be easier for me to answer your query if you could give some more details.
Feel free to ask if you've further queries.
Sussane |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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i don't get the jump from having old charge offs on a credit report to a filing for bankruptcy. as sussane noted, we need far more detail from you, ladyducky, to give you any reasonable answers.
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George M. Akerley
Loan Consultant
860-221-5044 |
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