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If you fail to pay a debt for a period of time (usually around 180 days), the creditor usually assumes it will not be paid, and writes the balance due off his books as a tax deductible "charge off". If you then pay the debt after it has been paid, it is a "paid charge off". It is usually good to try to negotiate with the creditor to see if they will remove the line "charge off" from your CR, but it's best to negotiate before you pay them. Paying the charged off account without removal of the trade line will help your credit rating surprisingly little.
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∙ 19y ago
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How does paid closed wriiten off affect your credit report or score?
paid charge off affects your report as it is negative information
Is it legal for a lender to report a negative paid account as delinquent?
No. A creditor can report a paid derogatory account as delinquent PRIOR to being paid. But if you paid it off, the correct status is "paid" (collection or charge off).
What does charge off on a credit report mean?
It means the creditor has essentially given up on trying to collect a debt from you (though they may have sold it to a collection agency for pennies on the dollar). There's also a "paid charge off", which means that, after they gave up, you paid it off anyway, which really doesn't do you much good, because a paid charge off looks just as bad on your credit report as a charge off. A charge off, of either kind, is the third worst thing you can have on your credit report, after (1) bankruptcy, and (2) repossession/foreclosure.
Can credit cards still charge interest after credit debt has been paid offbefoe due date?
Yes they can. They charge you from the time they last charged you interest until its paid off.
Why is a charge off so bad on a credit report?
A charge off is a term that refers to an amount of debt that is unlikely to be paid back. A charge off is then listed on a person's credit report and also on credit bureau reports. A charge off is a bad thing to have because it can make obtaining credit, either secured or unsecured, much more difficult.
If you recently paid off a charge-off with Macy's and they reinstated your account will the old information be removed and start fresh with reporting?
you will have to get macy's to remove the charge-off from your report or change it to a good standing remark. because they will show a new account opened on you report along with the charge-off. if they agree to change it get it in writing and report it to the bureaus when they report it. the lender only can remove the charge-off
How does paying off a charge off affect your credit?
Usually, once a company charges off a debt, they will send the unsavory transaction to the credit bureaus, lowering one's credit score. Even if that individual pays the charge-off, the damage is done insomuch as the lender rarely sends an updated message indicating that the debt was paid. If you paid the charge-off, you may dispute the transaction line (by having a note added to the line that states that the debt was paid on a particular date), however, you DID allow the debt to get charged off, so that line will only go away after seven (7) years.
If you have a car that was charged off in 2004 and they didn't inform you of the charge off and now the car has been paid off did they have the right to do that without telling you?
Who payed the car off?Was the car repoed?
What does it mean when an account has been charged off on a credit report?
Charged off is a shortened version of "charged off to profit and loss". This is an accounting term which describes actions taken by creditors to avoid showing loss (red ink) on their books. For a consumer, charge off is the same as a collection account. It is a defaulted debt that remains owing until paid in full, at which time it is called a paid charge off.
If you have a charge off or write off on a car loan and the charge off is over 7 years old who owns the title to the car?
The lien holder owns the vehicle and can legally hold the title until the loan agreement is settled or paid in full.
Can a misdemeanor charge become a felony charge after a fine wasn't paid off?
yes, unless your off probation and done with all your court dates that's when its sent to collections and they charge 40% intrest and skipping any court date will provide you with a felony as well.
How do you get a charge-off removed from your credit report after you have paid it in full?
You should send notification to the collection agency you paid in full. They will have the status changed. Carbon Copy the credit bureau.
