It means that the creditor (bank or other lending institution) has decided that you're a deadbeat and doesn't think it will ever get it's money back. It also means that you've been reported to the credit bureaus as a deadbeat and that your credit score just went lower than whale droppings.
You know Iam sitting here reading this and was totally pissed at this answer..in todays economy with so many people out of work..have been through their life savings to pay bills and keep their homes and you post something like this? Really? That's mean and cold and for the person asking the question its a slap in the face..
i need to get a repossession off my 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.
A charge off with a zero balance means that a creditor has written off your account as a bad debt. This will show up as a negative mark on your credit report.
If Its off your credit report ,and rental history you can stop clamming today!
I believe you mean a charge off? If this is what you mean, it will stay on your report for seven years. But, if you are interested in understanding what to do once a charge off has taken place, and it is sold to a collection agency
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.
A bankruptcy will remain on a credit report for the required ten years, it cannot be removed arbitrarily.
It should rotate off of your credit report about 7 years after being discharged. It cannot be removed.
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
There are services that can help get things off of your credit report. One that I know of that offers a free credit review is Total Credit Care. The website is www.mytotalcreditcare.com. Best of Luck to you!
The debts have been discharged.
If you didn't actually declare bankruptcy, you can report the error to the credit bureaus. If you did declare bankruptcy, you'll have to wait for it to age 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.
Yes it can. You should agree to pay it only if there is an agreement to not report it to the credit reporting agencies.
A write off means a charge off. This is one a creditor closes an account due to non payments.
Only the original creditor or the credit bureaus can remove a charge off from a credit report. You can negotiate to have them removed with the original creditor if they will let you. You can also dispute it to the credit bureaus and they will have 30 days to verify the listing or it must be removed from your credit report.
If it isn't on your credit report, the credit card company still has hopes of you paying it off. When they see that isn't going to happen, you can bet your butt that it WILL be on your credit report.
By that date any delinquencies will be deleted because they'll be considered a write-off on your account.
A good credit history will remain on your report. The negative credit reported will usually fall off in around 7 years. Judgments will stay on your credit report until they are satisfied.
Besides paying your debts off or filing bankruptcy if you are unable to pay off these debts there is nothing you can really do to clear them from your credit report. Most debts stay on your credit report for seven years.
7 years, after they are paid off. I have heard that tax liens stay on your credit report 10 years after they are paid off.
Pay off your debts or wait til they fall off your report (it should say how long they will remain on there). Then get a credit card and pay it off in full each month. That will make your credit improve dramatically.
Your creditor added a negative entry (a charge-off) to your credit report and will continue to attempt to collect on the debt.
A charge off will stay on your credit report for 7 years unless removed by the original creditor or the credit bureaus. You can dispute a charge off with the credit bureaus and they must verify it with the original creditor with in 30 days or it must be removed from your credit report.