any advice to repair credit score after paying charged off account?

chrysemis · Joined: 24 Feb 2009 Posts: 1 1.47 Dollars($)

I've been in dispute with a bank over a charged off account that I was unaware of. This was a credit card the bank linked to my checking account and charged an overdraft fee, but my name and address on the credit card acct were incorrect, so I never received statements. I only discovered it after I received letters noting my delinquent credit history and by that time, the account had been charged off. Having received the response letter to my dispute yesterday from the bank determining that I am still responsible for the balance owed, I went ahead today and paid the collections agency the balance owed on the account in hopes of resolving this situation as quickly as possible.

I am hoping to purchase a home in the very near future (within the next month) and am wondering if there is anything to be done to fix my credit report, particularly this listing. I had asked the collections agency and the bank whether I could have the negative listing removed, but neither agreed to do so. Do you have any additional advice? My credit history is otherwise sparkling clean, but this one item has significantly lowered my credit score.

Thanks!

jameshogg · Posted: Tue Feb 24, 2009 9:34 pm Post subject:

Hi chrysemis,

I appreciate that you have paid off your charged off account. But it will take some time to improve your credit score. Moreover, the charged off account will also remain in your credit report for some time.

When you apply for a loan and if the lender asks you about the charged off account, you can inform him that you have paid off the charged off account.

Thanks

msnover92571 · Posted: Sat Feb 28, 2009 6:39 pm Post subject:

It will still stay on ur credit report and will take time to take positive effects on ur score.

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