6 responses to “Any advise on clearing charge-offs on my credit report?”

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  jen July 3rd, 2009 at 06:16

  Allison

  Your best bet would be to get a copy of your credit report. try free credit report.com . Then dispute everything that you can. The accounts still open tey to contact them to make arrangements. We did this and our credit went up almost 100 pts over a year.

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  Jeremy Kitching July 4th, 2009 at 08:02

  Pedro

  To obtain the best interst rates on a mortgage loan you will want to make sure that your credit score is as high as possible if you use a lender that only looks at the FICO score. I recommend getting your free credit reports from the following site:

  You are entitled to a free copy of your credit report from all three credit bureaus once per year. Once you have all your reports you will want to go over them and check for any incorrect information. If you find any incorrect information you need to dispute that information.

  If you do have charge off accounts that are correct then there is really nothing that you can do except wait for them to drop off. You could write to the original creditor and ask them to perform what is called a goodwill delete of the item. They aren’t required to do so, but some may do it if the account is old enough and you have settled with a collection agency.

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  mycredit wealth,com July 6th, 2009 at 20:27

  Loretta

  Have you spoken to a loan officer yet to see what you need to do? Most loan officers have credit simulators and can give you advice on what you need to remove in order to improve your credit score.

  If you want to have a charge off removed request a pay for deletion

  EXAMPLE BELOW;

  This letter is to inform you that the validity of this debt is disputed. I am not sure of the account number, as I have never heard from you regarding this account. The account number I have is the one listed on my Experian credit report – which omits the last few digits.

  In the spirit of compromise, I am willing to pay this account IN FULL (or settlement percentage) if you agree to immediate deletion of this account from any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to have this item removed from my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.

  If you agree to the terms and accept this agreement, certified funds for the settlement amount of______________________________________ will be sent to Collection Agency in exchange for full deletion of ALL references regarding this account from my credit files and full satisfaction of the debt. As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies.

  Collection Agency agrees to delete ALL information regarding this account from the credit reporting agencies WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, Collection Agency will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.

  If you agree to the above terms, please prepare a letter on your company letterhead explicity agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Collection Agency. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.

  Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act.

  Please address all correspondence regarding this account to:

  Offer them a low amount and make sure you can pay if your offer is accepted.

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  hammaa July 7th, 2009 at 03:19

  Carol

  Unless you’ve got a time machine to jump about 10 years into the future, there ain’t much you can do to get a ChargeOff off of your credit report.

  However, the good news is that if you can document your income and have plenty of cash to put down on a new home (20% or more), you shouldn’t have any problem getting into a new home. I’d talk with a Credit Union (which are usually a bit more aggressive than banks), or directly with the builder if you’re in So Cal and are “lucky” enough to be buying in a new development that is sitting vacant and unsold. (They’re practically giving those homes away now if you’re East of the 15 or North of Escondido!!)

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  Fat G July 8th, 2009 at 05:47

  Tina

  You need to remove charge off your credit report. So check the following post

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  foxyrockie02 July 11th, 2009 at 03:39

  Ramon

  I think the other answers were pretty good, but you could also dispute anything you havnt paid. Go to the credit bureaus websites and dispute them online. It’s a long shot but sometimes it works. And either way, you can do this while you’re trying to figure out a diff way of handling it. You know, just in case it does work. It worked for me is the only reason I suggest it. Hope this helps!