If you are successful in getting a creditor to remove a charge-off, make sure you get the agreement in writing as your proof. Once the agreement is in writing, you can have it enforced.
Gap insurance can be misleading, it’s not a catch-all policy that covers car payments under any circumstances. It may not cover the diminished value of your car after an accident.
You can get approved for a mortgage loan with unpaid charge-offs. But even though FHA allows charge-offs some lenders may have stricter requirements.
A Verizon Wireless account charge-off can occur even if a deposit was applied to the unpaid account balance and the early termination fee.
Original creditor is no longer reporting an account to the credit bureaus but debt collector is reporting new dates on the account. This action is re-aging an account which is illegal.
Creditors can choose when to report a charge-off but the remove date of charge offs does not change. It is 7.5 years from the date of last payment.
Timeshares are often purchased under pressure but if you do not cancel in time, timeshares can end up on credit reports as charge-off, foreclosure or both.
The Charge-Off Center offers professional help to remove Charge-Offs as well as do-it-yourself strategies to dispute charge-offs. Charge-offs on credit reports is the No. 1 problem consumers have when attempting to rebuild credit; and, according to Bankrate.com it is the No. 1 reason for being denied credit. Charge-offs can be detrimental to a credit score,…
Charge-offs that update monthly inflict continuous pain on credit scores. If a charge-off has an open status and amount reporting credit utilization goes up.
A debt forgiven by a lender with a 1099-C tax form can continue to cause damage to your credit reports if the balance does not reflect $0.