How do I remove a “charge-off” from My credit report?
credit report, because some companies will try getting around those laws by selling the account to another company for collection, and the person incorrectly thinks that account will stay on another 7 years. At this point, it’s up to you if you pay them off or not. While you technically owe the money, it is not in your best interests to pay off the debts. Not only will the charge off still be there, but the 7 years clock will start ticking again, and will run from the time you make the last payment for 7 years. Paying off the charge offs will *NOT* help your score, and will actually damage it, for a longer period of time. The only way to increse your credit score is to get a secured credit card and make the payments on time, or to get cd secured loans and pay them on time. That way, the good credit you’re building will be on there when the bad credit vanishes.
