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    Evgeniy Kuznetsov

    Unfortunately a bank charge off will stay on report for up to 7 years depending on what state you reside. A charge off is one of those derogatory accounts that every lender is going to see and unless you can write a goodwill letter to your creditors briefly explaining on what happened but even then you have a slim chance that those accounts will be removed at this point your accounts have been passed to collections agencies. My best personal advice is to go ahead and pay off in full all the charge off accounts, at least then it will show that the accounts have been paid off which is better than nothing. In the end dont beat your self to hard for it because over time they will start to fade away and another possible action you can take is to try and open a new account that way it can possibly help you balance out your credit report

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  • Hi Saundra Knox, According to Market Watch, a creditor will typically charge-off a debt if there has been no payment on the account for 180 days. 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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