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Should you still pay a charge off if it is off your credit report?
Wiki User
∙ 13y ago
All depends on how old it is, some choose to walk away if the debt is beyond the SOL for legal recourse, or close to dropping off of the credit report. If that's not the case, some choose to negotiate and settle the debt for as much as 50 to 75% of the balance.
Wiki User
∙ 13y ago
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What is a Charge-off in a credit report?
A charged off account is similar to a collection on your credit report. The creditor has written off the debt owed and closed the account. The debt is still valid though and can be collected on. The charge off will lower your credit score unless removed. You can dispute a charge off and this give the credit bureaus 30 days to verify the charge off or it must be removed from your credit report.
If a credit card is discharged in a bankruptcy should it still show a balance on a credit report?
It will remain on the report for the required length of time and should be marked "included in bankruptcy."
Can you get charge offs removed from your credit report?
A charge-off is a tax technicality that gives the creditor a tax deduction and you a taxable cash event. It does not "erase" the debt. You still owe it. It will stay on your credit report for 7 years. If it stays on after that period, file a complaint to the credit reporting agency that is keeping it on.
If a credit card is not activated does it still reflect on your credit report?
Yes. If they extend the line of credit to you, and you do not activate it, it will still show up on your credit report.
Should a judgment discharged in bankruptcy still be on your credit report?
This shouldn't be on your credit report but often companies or individuals do not take it off. It is your responsibility to contact them and make sure it is accurate.
What is a Charge-off in a credit report?
A charged off account is similar to a collection on your credit report. The creditor has written off the debt owed and closed the account. The debt is still valid though and can be collected on. The charge off will lower your credit score unless removed. You can dispute a charge off and this give the credit bureaus 30 days to verify the charge off or it must be removed from your credit report.
How to fix auto loan charge off?
What do you mean by "fix" it? Do you want this taken off of your credit report? Was the loan legitimately charged off? Do you still owe a balance on the loan? If you have a legitimate charge off reported on your credit report, it cannot be legally removed. If you owe a balance and the charge off is recent, paying off the balance could help. However, the charge off will still show on your credit report for 7 years, and only time will remove it. Still, if you keep your credit in good shape otherwise, the charge off will hurt you less and less as time goes by. Read more about your credit report and score in the link below.
If an account was included in bankruptcy can the creditor still show it as a charge off?
I think that your credit report would be updated to show that the account was "included in a Ch 7 bankruptcy." You should be able to get a free credit report from www.annualcreditreport.com if you want to check your credit report to be sure the account's status is listed correctly.
What should you do to get paid collections off your credit report?
If the account is legitimately yours, then you cannot legally have it removed from your credit report. However, if you paid the collection account off, it should be reported as paid on your credit report. Still, the accounts will not be removed from your credit report for 7 years.
If a credit card is discharged in a bankruptcy should it still show a balance on a credit report?
It will remain on the report for the required length of time and should be marked "included in bankruptcy."
Can you get charge offs removed from your credit report?
A charge-off is a tax technicality that gives the creditor a tax deduction and you a taxable cash event. It does not "erase" the debt. You still owe it. It will stay on your credit report for 7 years. If it stays on after that period, file a complaint to the credit reporting agency that is keeping it on.
If a credit card is not activated does it still reflect on your credit report?
Yes. If they extend the line of credit to you, and you do not activate it, it will still show up on your credit report.
What is internal charge off?
A bank or a loan company can "charge off" a small amount of debt to get the amount off their books. However, this will affect a person's credit report. And it does not mean the person does not have to pay the debt. A debtor should still work to pay off the charge off, to clear the debt and save their credit rating.
What are the laws pertaining to a credit reporting agency still reporting after a bankruptcy discharge?
Debts included in the bankruptcy should be noted as such in the credit report. The bankruptcy will remain on the credit report for ten years.
Should a judgment discharged in bankruptcy still be on your credit report?
This shouldn't be on your credit report but often companies or individuals do not take it off. It is your responsibility to contact them and make sure it is accurate.
What should a credit report update to after bankruptcy cause mine is just showing bad debt write off AND it's still reporting to bureau?
Your credit report will still show those charge offs for some time, as well as the bankruptcy. You will see an improvement once the bankruptcy is discharged, but it will be slow. You'll need to pay everything on time going forward.
Is there still a past due amount on your credit report after foreclosure?
The foreclosure will be on your credit report indefinitely.
