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What is a Charge-off in a credit report?

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2010-07-07 03:47:20
2010-07-07 03:47:20

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.

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All of the credit reporting bureaus allow you to dispute transaction lines found in the credit report. For actions like chargeoffs, the dispute is really adding a note to the file that one will hope a creditor will read when considering you for credit. You will need to know very specific information concerning the chargeoff (including the account, the amount, when the chargeoff occurred, etc.) and your statement will need to represent why the chargeoff should not be considered when applying for credit.


Chargeoff means that you did not satisfy debt, and the company took the lost.This is placed on your credit as debit being owed and charged-off.


Yes. Even though the chargeoff line item should come off of the credit report in seven years, the credit card company may attempt to collect their debt for as long as they wish (assuming no fair credit collection laws are broken in the process).


Any repossession will negatively impact your credit. Organizations using the credit report do not differentiate between voluntary and non-voluntary. Rather, the organizations see that you were not responsible with credit and what you purchasd needed to be taken away. Generically, a repossession is considered the same as a chargeoff or writeoff, so the impact on the credit score may be anywhere from 50 to 200 points, depending on one's personal credit situation.


No. Once a person is being threatened by a collection agency, there is a high liklihood that the damage to the credit report is already done - a chargeoff or collections transline will already be in your credit report. Having a payment plan merely gets the debt paid and on-time payments are usually NOT reported (however, if you miss a payment, that company can and will send a negative tradeline to further damage your credit reputation).


Perhaps. It would depend on the type of debt and the laws of the state in which the debt was incurred. It could very well be that the SOL has expired and the debt is no longer valid.


There are a plethora of credit report services currently available. The best free credit report services are My Free credit Report, Credit Karma, and Credit Sesame.


There are many ways one can get their credit history report. Among them are the Annual Credit Report, Free Credit Report, Credit Karma, TransUnion and more.


One can obtain a free National Credit Report from any reputable credit report site. These include Free Credit Report, Equifax, and Annual Credit Report.


A report about your credit that is bad.


A credit report includes a list of every request for your credit report in the past two years.


There are several websites where you can get a free credit report. You can also get your credit report from your local credit card company or your accountant can give you a report.


Test... credit .... credit report .... Experian ... experian .... credit credit credit credit credit report credit reporting


Yes! I settled 2 collection accounts and my score stayed exactly the same.


In the United States, any institution that extends to you some form of credit can report to the credit bureaus.


There are many ways how a person can access or get a free credit report. There are websites such as, go free credit, free credit report, and credit report all offer free credit reports.


One can get a free credit report score from 'Experian' Other sites that offer free credit report scores include 'Credit Karma', 'my FICO' and 'Free Credit Report'.


You can view your credit report online using the one official annual free credit report agencies. It is Annual Credit Report. Do not bother with the others.


One could get an instant credit report from many different places. One Stop Credit Report gives fast credit reports, as do Credit Karma and Annual Credit Report. These three sites are excellent places to go for an instant credit report.


Get StartedIf you have been denied credit or if other adverse actions regarding your credit have been taken based on your credit report, you may want to obtain a copy of your credit report and verify the information contained in it.The purpose of the Request for a Credit Report letter is to assist you in obtaining a copy of your credit report, particularly if you have been denied credit, employment or insurance within the last 60 days. The credit report tells how you have managed credit in the past and companies examine your credit report before deciding whether to give you new credit. You can request a copy of your credit report by sending a letter to a credit reporting bureau.When you receive your credit report you should carefully review it. You have the right to respond to a negative entry on your report, to have errors corrected, or to have your response made part of your credit report.


it was just a misleading. there is no really free credit report but there's a free credit report trial




When you suppress your credit report, that means that anybody who pulls your credit report will get no information back. It will not even give the header that comes on the credit reports. So if you are looking to get some type of credit do not suppress your credit report.


Filing bankruptcy does not remove a charge off report from a credit card on your credit report. It just adds bankruptcy to your credit report.



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