How Do You Remove Charge Offs From A Credit Report?
Creditors typically write off or charge off a debt if there has been no payment on the account for more than 180 days (6 months). This does not, however, mean that the person no longer owes the debt. A charge-off is an accounting procedure for tax purposes used by the creditor where an uncollectible debt or charge-off is reported as a loss for the creditor. If you have any charge-offs on your credit reports, your ability to obtain credit will be seriously impaired and you must actively work to restore your credit. Charge-offs stay on your credit report for 7 years from the date of the initial missed payment that led to the charge-off (the original delinquency date), even if payments are later made on the charged-off account. Paying an old charge-off will not remove it from your credit reports. It will simply be updated to a “paid charge-off,” which, while slightly better, is still a seriously derogatory item. To qualify for some loans, including a mortgage loan, you must take care of a
