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How Does a Charge-Off Impact Your Credit Report?

by Kimmy Burgess Your Money Problems Solved

A creditor may list your account as a “charge-off” after you have missed payments for several months. A charge-off generally means the creditor has lost hope that you will pay back the amount you owed and document this loss as bad debt.


How Long Does a Charge-Off Stay on Your Credit Report?

A charge-off will stay on your credit report for up to seven years from the date of the last payment you missed. The seven-year period does not restart if the debt is sold to a debt buyer or collection agency.


How Do You Remove a Charge-Off from Your Credit Report?

The effective way to remove a charge-off from your credit report is to contact your creditor and request them to remove it after you pay off the debts. Before you contact the creditor, determine the amount you can pay as soon as possible.



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About Kimmy Burgess Advanced   Your Money Problems Solved

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Joined APSense since, October 1st, 2013, From Central Point, OR, United States.

Created on Sep 5th 2019 06:30. Viewed 171 times.

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