Removing Charged off account

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Kevin Hooper

• July 09, 2020 18:48

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  Kevin Hooper

  • July 09, 2020 18:57

  I would like to know if there is a law making the reporting agencies remove a charged off account, due to the fact that it is reporting the payments are late as of today. The last six months have this late payment

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  Monique - Thrive Moderator🌱

  • July 14, 2020 22:05
  • Edited

  Hi Kevin Hooper, According to Market Watch, charge-off accounts can remain on your credit report for up to seven years from the first missed payment that led to the charged-off status. But keep in mind that just because it is a charge off does not mean your debt is forgiven. If the charge-off remains unpaid you are still responsible to pay back the amount owed. If you believe that you may have an error on your credit report, we recommend that you dispute it with the appropriate party. Please let us know if this information was helpful to you or if you need further information

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  Evgeniy Kuznetsov

  • August 13, 2020 08:08

  Charge offs can leave a very nasty bite on your credit report and in some cases can prevent you from opening any time of account with that institution again. A charge off is basically a loss reported by the company. A Paid Charge Off can still remain on your account for up to 7 yrs but will start to fade over time and have less impact on report. If you must truly remove this from your credit report I would conceder hiring a professional firm to deal with those type of disputes

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