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Credit Charge-off - What is it and how to remove it?

Can I get some information on Charge Offs?

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lawson,

Your debt is charged off when the creditor write off the account as a bad debt, but this does not indicate that you are no longer responsible for the debt.

Regards,
Blue

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lawson,

Usually you will find the credit card companies using these charge offs. Your debt is charged off when there is a long delay in your payments and the company writes the debt off in their record as uncollectible and stop devoting time and lawyer's fee in collecting it.

It is considered as serious negative mark in your credit report and is almost as bad as bankruptcy.

Even if the company doesn't try to collect the debt further from you but you still owe the money to the company and can be collected if it is sold to an attorney or collection agency.

Hope this information will be useful.

God bless you.

For MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I want to add some more which may help.

If you want to remove these charge-offs from your credit then you can do either you should pay your debts off or you should [url=http://www.mortgagefit.com/bankruptcy.html]declare bankruptcy[/url].

If the debts are out your control then bankruptcy can be a good option. If you wish to pay off the debt don't forget to negotiate with the collection agency to get the charge-off removed from your credit report.

Thanks,
hogg

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi all,

Thanks for the all those informations and suggestions. I have got a fair idea now.

Thanks again,

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Cliff's picture
Cliff | Joined: October 4, 2005 08:44 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lawson,

I also wanted to add that if your chargeoffs are recent then I would say yes to paying them off. But if they are 2 years older or more, I would not advise paying them off. If you are attempting to get a mortgage then sub-prime lenders would not consider these chargeoffs. If however you are wanting to get a conventional loan, VA loan then you would have to pay off the collection accounts. They will not allow you to have any collections, part of their guidlines.
I would suggest that you get onto a credit monitoring program. These are a minimal cost and it allows you to monitor your credit as often as you like. It also let's you know when changes are made to your credit. The 2 that I like are from myfico.com or privacy guard.

Good Luck to you

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

how long does a charge off efect your credit rating and if you pay off the debit does it immediately fix the credit rating

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

A charge off stays on your credit report for 7 years. If you payoff the charge off it does not fix the credit rating immediately but it does help. If you are in the market for a home and the charge off is two years old or older on your credit report then most lenders/brokers would overlook this and not have it count against you. One way that it might affect you is if the lender/broker would want you to payoff the chargeoff because with it your DTI (Debt To Income) ratio might be too high. Sometimes this can be included in the mortgage loan therefor not costing you any out of pocket exspenses.

hope this helps you??

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I SAW IN THIS COMPANY HAD ME AS A CHARGE OFF FEW YEARS AND NOW THEY SENT LETTER FROM SHERIFF FOR GARNISHMENT CAN THEY STILL COLLECT? :cry:

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blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Yes they can still collect money from you. A charge off doesn't free you from the debt.

Actually the a loan is charged off by the lender to adjust his accounts when he feels that he can't collect the debt from you any more and he thinks it as a lost case.

I most cases these loans are sold to different collection agencies by the lender.

Can you tell me why you think they had given a charge off to your loan?

Blue

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I saw it in my credit bureau report,as a charge-off,,it was a creditcard for only 400.00 now this debt collectors want 1,000.00,,i am willing to settle with 900.00,,they will not move on it,I don't think they should be allowed to sell your accounts,some collection agencies I heard are forceful and bold.I always thought charge-off would mean your bad risk and it would remain on credit report for so many years.
Thanks for helping me out on this question :cry:

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blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Me,

Don't get disheartened. Try to negotiate again with the collection agency. You are correct that they often disturb you and you feel helpless.

You can check with any debt consolidation company for negotiation purpose but I am not insisting on it as the amount I feel is much lower and I am not sure whether that will worth paying a counselor.

But you can give a try and there is no harm in it. Otherwise if things are settling by paying $100 more then go for it and get your head free from the anxiety.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I would give the extra 100.00 just to get them off my back,it's a shame till they do settle i have to worry about my bank account and if the will have a sheriff's sale on my stuff,i am so upset everyday worrying over what is going to happen,they changed the bankrupstsy law,they need to change this too! you should not be harrased like they do,should be a law and limit to what they can do,I'm not a young person,senior citizen and this worry is to much,Thanks again

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blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I can understand your sentiments. It truly becomes harassment to many consumers when they are contacted by a collection agency for a debt which was charged-off long ago.

But till now things are like such and my advice to you would be to pay them off and get everything cleared now. At least you are not going to have tensions any more.

While you get everything paid off check that you get them mentioned in papers and there should not be loop hole left to trouble you again.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i co-signed a loan for a car and the person i co-signed for had the car repossed and i was contacted by the loan company and have a letter that states if i paid my share of the loan, the part of the loan that i was responsible for would be considered paid in full,,now another company has taken of the original loan and is looking for the balance from me,,am i still responsible for the remainder of the loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I think the loan company meant that you would be making payment as a charge off amount, but that does not mean you would or the other co-signer will not be responsible for the debt.

The other company may be the collection agency is asking you for the balance amount as you are the co-signer and as the other person is not meeting his payment obligation, they are asking the balance from you. They have the legal rights to ask the balance from you as you are the co-signer for the loan.

Thanks

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colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Edward pointed it out correctly.

The loan company charged off as there must have been long delay in the payments and the debt was written off as uncollectible and they stopped spending time and attorney expenses for collecting the same.

But this fact does not mean that you as a co-signer do not still have the loan liability and now the uncollected amount of debt was sold to a collection agency and they have contacted you for the remaining amount.

Colin

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Blaze,

It can be either the collection agency trying to retrieve the unpaid loan balance from you. Or else, it can be the auto loan servicing company who has taken the responsibility of collecting payments from the borrower. That is, it is quite possible that your loan company has sold the servicing rights to another company.

But as far as I know, once the car is repossessed, there should not be any collection of payments.

Thanks,

Sara.

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Blaze,

State laws vary as far as car repossession is concerned. Some states allow the creditor to repossess the car legally without going to court or warning the borrower in advance. The creditor may also sell the contract to a third party, the assignee, who has the same rights as the original creditor.

But the possibility of repossession should be specified in the loan contract for which you have cosigned. And, as per the terms and conditions in the contract, the borrower may have to pay additional money to the creditor to cover the cost of repossession (especially the costs of selling) and of the depreciated value of the car as it has already been used by him. But if the borrower does not pay, then being a cosigner, you will have to make the payments.

If the contract does not mention repossession, do ask the borrower to contact an attorney for further advice and if it already mentions, then either he or you will have to pay.

God bless you

For MortgageFit,
Samantha.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my creditor charged off my account back in 2002,but the creditor is still
reporting a charge off as follows:charge off as of nov 2005 sep 2005,aug 2005,jun 2005,may 2005,mar 2005,feb 2005,dec 2004,feb 2002 to nov 2004.these delinquency were reported in my january 2006 credit report.
can the creditor do this after the account has been chared off?

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colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

A charge off is done by a creditor when there is non payment for more than 180 days. But you still owe the debt. Charge off is normally a procedure of accounting in creditors part where any uncollectable debt is reported for tax purposes as loss.

The charge off does show on your credit report for seven years after your first non-payment.

Thanks
Colin

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

now the bank has chrged off the account and has given it to nes which is a collection agency. They say that if I don't pay the full amount they are going to sue and collect property. can the collection agency do this? or with they know turn it over to a lawyer. and what property?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Shelley, depending on which state you are in if the SOL period has elapsed then they cannot get a judgment against you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

how do I find out what the sol period is for kentucky?

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Steichen,

Welcome to the forums.

Statute of Limitations (the legal time limit after which debt collection expires) varies from one state to another. Most unsecured debts expire within 4 to 6 months after the debtor defaults. But debts like federal student loans and state and federal taxes never expire.

Thanks,

Sara

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Steichen,

Statute of Limitations for judgments could be as long as 20 years.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I HAVE A LIEN ON MY PROPERTY. MY CREDIT REPORT SHOW THAT THE DEBT WAS SATISFIED (2002). HOWEVER, THE LIEN WAS NOT REMOVED

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi LINLIN.

Welcome to the forum.

Have you paid off the lien? If you have not taken any proof that you have paid it off?

See if you have not paid the lien then pay it off and ask them to release certificate. But if you have paid it off or don't recognize the debt then you can send them a debt validation letter.

Feel free to ask if you have any further questions.

Best of luck.
Larry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Have any of you had success in getting charge-offs removed from your credit report by Credit Repair agencies?.... I'm giving it a try right now.

I'm not sure if contacting the collection agency is the right approach, I would think things would only get worse... They would require all updated information about you + run a new inquiry on your report.

Nick

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Nykolos.

I feel credit repair agencies are not too good. Charge off doesn't mean that the loan is forgiven, So if you can pay it off. By the way how old is the debt?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

is it possible to secure a mortgage (fha loan) with a low credit score I have several brokers telling me that even though I have a low score if i paid off two credit cards with balances of 300 dollars on each that they could get me rescored rapidly and get my loan approved. Now my concern is that possible or should I run like the wind?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

anyone with any insight on this issue?

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banker0679's picture
banker0679 | Joined: November 15, 2007 10:05 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can get approved by FHA BUT FHA has a few guidelines you may have to meet. Also, there's a lot of lenders that a minimum credit score requirement which is 580.

Have you been late in the last 12months for any credit accounts?
What major derogs do you have? (BK, foreclosure, collections, judgements, etc)

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I keep getting a call from a collection agency stating that I owe for a Montgomery ward credit card dept dating back to 1996. The account was charged off and had been off my credit report. I have no plans to pay this dept because it is so old and I have never gotten any bills from any collection agencies since 1996. Should I worry about going to court and having to pay this dept.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dee!

Welcome to Forums!

Charge off does not mean that your mortgage has been wiped off. It only means that the original lender has given up on your loans and has sold to it to a collection agency who will ask you to pay the loan. I think you are facing this situation. Try and pay off your debts.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Dee, I wouldn't pay an account that old, it will show back up and start re calculating for another 7 years,,if it's already on there, ask if you pay it if they will delete it..it they agree,,get it in writing 1st.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i got an auto loan about three years ago from Americredit. i paid on it, and my account was "ok" for awhile. i had surgery two years ago, and subsequently lost my job. the company charged off the account after i was late in paying (90 days). i moved up north, and got another job, and things are alot better. the company i received the auto loan from has stopped my ability to pay online. i know if i try to call them, they will want an unreasonable amount of money "up front." i have two kids and cannot afford to give over "everything" i know Americredit will want, and we were on the verge of being homeless before every other week. it has been difficult to recover. i don't want to get sued, but i don't know how to (or where to go) to clear this thing up. how can i find someone who will know what to do?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi anonymous!

You said that Americredit has charged off your loan. This means Americredit is no longer your lender. It has sold off the debts to a collection agency who will receive the dues from you. You can contact Americredit and know about the collection agency to whom they have charged it off. Then you can contact with the collection agency and pay off the dues.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

NATIONSTAR was the original creditor, who wasted time doing a plan for me through a realtor who bought the house from up under me. My report shows that I owe over 50K to PINNACLE CREDIT. The house was sold so what am I to do.

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi gterrel!

I think the sale of the property was not reported to the credit bureau. You can contact the credit bureau and report the sale of the property. You can also contact Pinnacle Credit and inform them about the sale of the property.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can a recent charge off and a new collection for the charge off exist on your credit report. I had a charge off in Dec 2008 and now i have a colleciton agency that reported the same thing on my credit report how can i dispute this or take this off my credit report

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ginam,

If a particular charge off is reported twice in your credit report, you can contact the credit bureau and try to remove it. You can also contact your collection agency who can directly speak to the bureaus and get it removed.

Thanks

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

ginam, let me get this straight. you didn't pay your credit card bill, so they charged off the account. right?
subsequently, they decided to obtain the services of a collection agency to try to get the debt paid. right?

now...both the credit card company and the collection agency show up as creditors on your credit report. the credit card company can actually close its books on this account if it so chooses. the reality of it, of course, is that you still owe the amount shown.
as for the collection agency, they'll continue to report your balance due until that balance due goes away.
if you have not repaid the debt, there is no reason for either of these companies to "remove" the references on your credit report.
once you make payment in full, your credit report should reflect that these accounts have been paid in full. there's no reason why they would necessarily remove the references altogether (though they could if they wished).

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi i had a creditor card charge off in 2005, a few days ago i recieved a collections notice from NCO financial systems, should i pay this old debt or just ignore it?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi willhas,

It would be good if you could pay off the credit card debt now. This will have a positive effect on your credit report.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I've called Americredit, and they will not tell me what collection agency my auto loan went to. All they want is "what is your address, where do you work? what is your job title?" I want to take care of this. I even got a copy of my credit report online, and nothing shows up there. Any ideas?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

did americredit give you a reasonable explanation for why they wanted your information? are you certain the loan was transferred to a collection agency?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i have a rental property that has fallen into foreclosure for many reasons. After the sale, there will definitely be a balance due. Will the mortgage company at that point want to settle for less than the balance?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi anonymouscleve,

You can negotiate with the lender and check if he is ready to settle for something less than the balance due. You should note that it would be the discretion of the lender whether he would agree to it or not.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a visa charge off from 5 years ago that I absolutely don't remember. It was a $150 balance that I guess I literally forgot about. Now I have been charged off and sent to collections. Can I negotiate with the collection agency to have the Visa charge off removed? Or do I need to negotiate with Visa? Basically, what is my best course of action to get this completely removed from my credit history?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Any negative item will remain on your credit report for 7 years. However, I would suggest you to contact VISA and negotiate with them. You can ask them to take back the account from collections. Once your account is removed from the collections, you can pay off the amount.

Thanks

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