Removing Charge-offs?

Question

I I currently have chargeoffs on my credit report that are 2 - 4 years old. The chargeoffs I have were paid off 2 - 4 years ago. But unfortunately these charegeoffs are still on my credit reportand according to most people I have two wait 7 years before they are removed. Which to me is like a prison sentence.

Does anybody know a way to remove these old chargeoffs so that I can improve my score and get on with my life. I want to get married but my fiancee refuses until these chargeoff are gone.

Or does anybody know a reputable organization that can help.

Any help would be greatly appreciated.

Answer 1

I know of the ONLY THREE reputable credit restoration companies in the United States. (Yes, there are only three.) Since I won't spam in Answers like so many people do, if you want to know who they are, please email me. I do not recommend you try to do this yourself. You may have limited success but think of it like this: If you are trying to obtain insurance, you go to an insurance agent because s/he is a professional. The same is true with credit restoration, use the people who are trained in doing this. How can you tell the legits from the non-legits?

From my blog:

The TRUTH about Credit Repair: Aren't They All Scams or Illegal?
This topic is a really hot one right now. People are falling victim to so many scam artists out there who are taking people's money and offering false hope. There ARE legitimate credit restoration companies out there. But that is the key right there; restoration versus repair. Generally speaking, credit repair is a scam and credit restoration is legit. Does this mean all credit repair offers are scams and all credit restoration offers are legit? NO! It is up to you to do the research. If you can't do the bare minimum to protect yourself, then don't come crying to me if you are taken for all of your money. But, to help you determine the scams from the legits, here are 10 tips on how to tell the difference:

1: If they advertise that they will repair your credit in anything less than 18 months, you are not dealing with a legal company. The LAW requires that any credit restoration agency cannot advertise or represent that they can restore or repair your credit in less than 18 months. (Remember this number, it is going to come up again later.)

2: Check on how long the company has been in business. If they have been around for more than 10 years, you are probably dealing with a reputable company. (Honestly, there are really only three that are recognised as legitimate in the United States.) In a future article I will discuss them in more detail.

3: Do your due dilligence. Check with the BBB. The BBB will provide an unbiased report of how many complaints have been filed against the company in the previous three years. There are two things that you want to consider here. First, if there are more than a dozen complaints over the previous three year period, then this company has serious issues and you should be concerned. Also, if the BBB has no file at all on the business, just walk away from the business. Anyone who is hiding from the BBB should be looked upon with suspicion.

4: Ask for pricing when talking to one of their reps. If they hem and haw about what they charge, or say that it depends on how much they have to remove from your report, they are hiding something from you. A good rule of thumb, if the rep is unwilling to answer any question of yours up front and with honesty, you are not dealing with a legitimate company. This does not mean that if the rep states that they will answer the question in a moment, that they are hiding something. It just means that they are getting there and just need to lay a little groundwork first. Remember, reps are all salespersons. They are there to sell you their service. This is good, believe it or not. This encourages competition in the business and keeps costs down. (Which reminds me: DON'T PAY MORE THAN $1000 PER PERSON FOR THE SERVICE.)

5: Ask if the company is licensed, bonded and insurred. Ask for proof. If they will not show you their business license (which can only be obtained AFTER they have purchased their bond and insurance) this should raise alarm bells.

6: Ask for examples of successes the company has had. A legitimate company will have copies of investigation results (with personal information blacked out of course) that will show you how successful they can be.

7: How long are they going to work for you? Yes, that's right, remember that these companies work FOR you. If they are just going to maintain a business relationship with you for the length of time it takes to repair your credit, beware. What often happens in these cases is that after the company has cleared negative information from your credit report they sever their relationship with you and a couple of months later the information returns to your credit report. Now what are you going to do? Your options are to leave the negative information and suffer for 7-10 years or hire someone, again, to remove the information, again. A reputable company will stay with you for the FULL 18 months (I told you this number would come up again). This allows them to continuously monitor your credit reports and remove any negative that may re-insert itself after the initial sanitizing.

8: What other services do they offer? If they are a legitimate company, they will have rescources that will help you to re-establish yourself in the financial world. Things like the ability to help obtain a debit card even if you can't open a checking or savings account. (Yes, believe it or not, it can be done!) Can you call their credit advisors any time for advice? Is legal representation available if you have to go to court against the credit reporting agencies? ASK! If the company is letgitimate, they will have a team of lawyers that will handle these kinds of legal matters for the duration of your contract.

9: Does their contract advise you of your rights? If not, why? Because they don't know the laws! And if they don't know the laws that are designed to protect you, how can you expect them to know the complexities of the Fair Credit Reporting Act which has 340 different laws?

10: Is there a money back guarantee? In this business refunds are usually prorated. In other words, if you have 50 negative things on your reports and they can only have 30 removed, you are refunded 40% of your money since they were able to get 60% of the information removed. If there is no money back offer, run away! A company that has faith in their services will offer to refund the money if they can't do the work.

I hope this information helps people out there who are confused about credit restoration programs.

If you have any questions regarding credit issues, you may email me at [e-mail]

Answer 2

Whats is the reasoning of not marrying if you still have chargeoffs. Your credit doesn't have anything to do with your fiance whether your married or not. It wont change their score or effect their credit. It will limit what you two can purchase together, but that's all. Contact lexingtonlaw.com, they will assist you in removing chargeoffs.

Answer 3

OK 1-if she won't marry you because of your credit report...then come on there is something wrong with the girl. Everything in this country runs off credit reports, do let your marriage be dependent upon it. That's like saying "I'd marry you but you come up a lil short in the pants. Sorry I can't! Please...Come on get some sense!!!

2- As far as the credit report goes send out debt validation letters, NOT VERIFICATION!!! They will either update your credit report in 30 days to say PAID or Paid was charge off or will have to remove it from your credit report on the spot. You can speak to an attourney about your rights under the federal law for debt collections and credit reporting.

Answer 4

As the term charge-off includes the term charge, many people think term means cancellation of the account by the creditor. This means you cannot pay for anything with your credit card. But it not what the banks mean. According to banks and bill collectors, a "charge-off" is the point at which the creditor writes off the outstanding debt as a "bad debt." This normally occurs after 6 consecutive months of non-payment. From this point onwards, they do not consider your debt in their books as an asset. As you still owe the money, the creditor will continue their efforts to recover it from you. But the rules of accounting force the creditor to nullify your debt in their accounting books. To compensate for this loss, they penalize you by putting a negative remark on your credit report. A "charge-off" is a harmful negative mark, but it is not the financial disaster that your creditor would want you to believe.

Answer 5

Ha ha!

The problem is not the charge-offs, but the very fact that your "fiancee" has a sort of conditional love thing.

I can only wonder what kind of "flaws" she is concealing from you until she utters the words, "I do."

If you can PROVE that you paid these charge-offs to your fiance, then the ONLY "thing" that is holding you back is your fiancee!

Don't get it twisted.

And in all honesty, you may need the extra 3 years to determine if your fiancee is worth all of the hassle if she can not marry a man who has "cleaned up" his credit by paying off all charge-off items and is paying all current bills on time.

Answer 6

You need to get over to http://www.creditboards.com/forums where there are many people who have gone through the same experience who can help you help yourself.

There is way too much to learn to post a quick answer here.

Answer 7

talk to a credit repair lawyer a reputable one. they can help the best and the fastest..............