charge off accts?

Question

I am attempting for the first time in years to repair/improve my bad credit score, which is around 506. I pulled my credit report from all 3 bureau's to day to see that the majority of the account have been charged-off and close. My quuestion is can I 'dispute' a charge off to have it removed from my credit report since all of the account have been closed? And do you have any other tips for inproving a bad credit score?

Answer 1

You can dispute anything on your credit report. The Fair Credit Reporting Act gives you that power. It also gives you over 300 different laws to use to dispute informaton. Chances are likely that one of those laws will be sufficient to remove any information from your report if you know how to apply them. If they don't work individually, you can use creative combinations of those laws to remove the information. Again, if you know how to apply them. Chances are, though, that you will dispute the information and the credit reporting agencies will come back with a letter telling you that the information was verified and don't bother them again. You will believe that is the end and you will convince yourself that you are stuck with bad credit.

This doesn't have to be the case. But you have to be willing to put the time and effort into learning how the FCRA works. You will have to learn how to write dispute letters using Federal law to support your assertions. Then there is the time to travel back and forth between home and Kinko's to make copies and the money spent on notaries. It will become quite cumbersome. Eventually you will give up. But that is exactly what the credit reporting agencies want you to do.

Or, you can hire a professional to do it for you.

If you have any further questions, you may contact me at [e-mail]

Answer 2

I faced a similar situation a while back. My credit score was about 515 and had many charged - off accounts on my report. Basically, you can dispute anything that is on your record. Once you submit a dispute, the credit bureau will usually have between 30-45 days to verify the information and see if it is correct. Even if the information is true, if the bureau is not able to verify the information within that time frame, they will remove the line from your credit report. I was able to remove about 6 or 7 charges from my account and still working to clear up some others. Right now my credit score is not great or even good, but is has increased close to 100 points and is now fair compared to weak. I've been able to get some new credit extended to me since improving my score.

Also if you do improve your score, make sure to do things to maintain it or improve it even more. If you do open up new credit lines, try to stay away from "maxing" them out and be sure to pay all your bills on time. Also don't apply for too many credit cards or other lines of credit as this will also have a negative impact on your record and score.

Answer 3

Write individual letters to individual credit bureaus. Example, if you have 4 accounts at the three credut bureaus that you want to disupute, that would be 12 letters.
But to answer your question, if the account hasn't been paid, and its an unsecured loan, the creditor may just write it off as a bad debt and do what they call a charge off. They do that so the credits and debits balance at the end of the month/quarter/year, etc. If it is in error, once the credir bureau receives your letter of dispute, they must act on it immediately. The creditor must prove that it is actually a debt that wasn't paid and that its charged off.
If it is, the credit bureau is under no obligation to remove it.
As far as improving your score, pay all of your bills on time, every month. You will see improvements in your score. Do not apply for credit anywhere. Each time someone checks your credit, your score does down.
Good luck

Answer 4

Several factors go into resolving your bad credit issues. If the account is listed as 'closed by creditor', it means that the creditor is not allowing you credit privileges any longer.

If it has been 7 years or more since the date of your last payment, the credit bureaus are required to remove the negative remark but only if you make such a request in writing.

If the charge off is less than 7 years, you can dispute the validity if you believe the account is not yours. This will require that you submit a letter to the credit bureau and request verification of the debt. If they cannot provide the proof, they must delete the negative record.

Finally, if the charge offs are validated, then it will be best to negotiate terms with the creditors and possibly a settlement offer.

These are the basics. Go below to learn more.

Answer 5

however you do, do not PAY THIS. The statute of obstacles has run out - inspite of the undeniable fact that - there are some shady companies who purchase particularly old debt for pennies on the greenback, and make their funds by way of scaring people into thinking that they owe funds on bills that are long long gone. in case you deliver them even a dime, the statute of obstacles will reopen in some states. you ought to get on the internet and seem up a "DROP ineffective" letter. Write this corporation a drop ineffective letter and tell them to get bent. definitely say not something in the letter that "admits" to having owed the money. Flatly state which you do not owe this funds and that they are to end contacting you by way of any potential in besides. don't be fooled.