Can I Get A Charge Off Removed From My Credit Report?

Are you wondering if you can get a charge off removed from your credit score? The answer is Yes! You can get a charge off removed from your credit score. It’s important to remove charge offs for your financial health and improving your credit score.

It’s important to understand how a charge off can affect your credit score. First and foremost, they don’t look good on your credit score. Being that your credit score in an indication of how responsible a person you are, charge offs can be a direct reflection of your level of responsibility, even if you are a responsible person in general. Charge offs can not only pull your credit score down in the short-term and long-term, they can be very costly to you in the long run. Lenders today do not like charge offs because they are negative credit. Lenders may still lend you money, but they will charge a significantly higher interest rate than if you didn’t have any charge offs. In addition, they charge you substantially more in a down payment for a loan.

The goods news is that you can remove charge offs from your credit report. If you know the right steps to take, removing charge offs from your credit score can actually be relatively easy. To start, get a copy of all the credit reports from Experian, Equifax, and TransUnion. You have a right to one free credit report every year. You need these so that you can see exactly what is on each of them and if the charge off is on each one.

Once you know which reports have the charge offs on them, you can do research about how to specifically get them removed. You can open a dispute, write dispute letters and get them removed in this fashion. You can do it all yourself but keep in mind it will take time. You’ll need to put in the hours required to research the proper format for dispute letters, and to also write them, send them, and track the progress.

In addition to doing the work yourself to get charge offs removed from your credit score, you can also hire a reputable credit restoration company to do the work for you. Again, writing the dispute letters yourself does take a significant amount of time, but if you are going to do it, remember to track your progress on your credit report. It’s important that the dispute letters be properly formatted. Otherwise the credit bureaus will ignore them. You will want to review the Fair Credit Reporting Act. You want to find the section in the Fair Credit Reporting Act that states your rights as the consumer to open a dispute and catch the attention of the credit bureaus so they will take action in removing the charge off.

Many people start the process of trying to get negative items, like charge offs, removed from their credit. After starting the process they realize they don’t get the results where hoping for. They simply give up or they find they can use a credit restoration company to help them in the process. If you’d like to hire a credit restoration company to do the work for you, you want to choose a company that delivers concrete results. Do your due diligence and know who you are hiring. Your credit score is too important to leave in the hands of amateurs so make sure the company you are hiring has a good rating with the Better Business Bureau and client success stories to back it up.

Identity Theft for Beginners

Identity theft is a crime in which someone fraudulently obtains and uses someone else’s personal information (like name, date of birth, address, phone number, social security number, driver’s license number, credit card number, bank account number, etc.) to obtain goods or services or obtain identification cards, driver licenses, birth certificates, social security numbers, travel visas and other official government papers.

Identity theft is especially troubling because on average, most victims don’t even know their identity has been stolen until a year after the theft. At that point, the victim can suffer devastating consequences like a ruined credit record, and it can be costly and difficult to repair the damage caused by identity thieves.

How do identity thieves get someone’s personal information? There are lots of ways, but here a few examples:

  • An employee steals files (either paper or electronic) where you are a customer, employee, student or patient – files containing your address, phone number, driver’s license number, social security number, insurance numbers, etc.
  • A dumpster diver rummages through your trash or the trash of a company with which you do business, searching for personal information.
  • Someone steals mail (like your bank and credit card statements, pre-approved credit offers, new checks, or tax info) out of your mailbox before you get home from work.
  • Someone looks over your shoulder and sits near you while you write out a check or make a hotel reservation and memorizes your address, phone number, credit card number, etc.
  • Someone calls you, pretending to be from your credit card company and asks you to verify your account information.

A waiter steals your credit card number when he takes your card to pay for your meal.

  • Your wallet or purse gets stolen and the thief has access to your driver’s license, credit cards, etc.
  • Someone commits identity theft on the internet by stealing your personal information over an unsecured internet connection.

How could you tell if you’ve fallen victim?

  • Any unexplained charges or withdrawals on your bank or credit accounts
  • Not receiving bills, bank statements or other mail on time and when expected
  • Receiving credit cards, and/or card statements on accounts that you did not open
  • Collection calls or letters on accounts you didn’t know about
  • Being contacted by the police about a crime committed in your name
  • Being denied credit for no apparent reason

If any of the above happen to you, take action immediately. Contact the lenders holding the accounts. Contact one of the three major credit bureaus (Equifax, Experian or TransUnion) and file a report with your local police.