Remove Charge Offs – This is an opportunity for anyone to repair their credit. Give us a call, if anything else, we can talk to you and explain exactly if we can or can’t remove your charge offs. Call 800-220-0084 for complimentary consultation.

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To get an R9 charge-off removed from a credit report, dispute inaccurate charge-offs, try to settle the debt with the lender, or simply wait for several years.

Remove Charge Offs from YOUR Credit Reports Now!

Free Consultation 1-800-220-0084

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Many mistakes are happening to folks who think they are helping their credit score and report by paying a charge off at the wrong time. Watch and learn.

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You see the words “charge off” a lot these days. The society is heavily credit dependent and millions of people find themselves in difficult situations concerning their debt. In fact, a full one percent of credit card debts end up being recorded as charge offs today. Let’s examine what a charge off actually is and learn how it affects your credit rating.

A charge off has been initiated when an account is removed from the issuer of a credit card. The issuer must absorb the debt as a loss. This normally happens with accounts that been delinquent for a minimum of 180 days. So, in essence, a charge off is simply an entry made in the credit card issuer’s accounting books. The lender is taking the loss, and the debtor is going to get a credit rating smackdown as a result.

The debtor stills owes the lender who has written the debt off. Just because the lender charges the account off, it doesn’t mean that the debt was not legitimate. Many times, the lender will sell debts that have been charged off to third party collection agencies. The collection agencies then owns the debts, and they look upon them as an assets to their company. They will initiate measures to collect the debt. Many times, it would have been far getter, and easier, to deal directly with the lender before they sold the debt to the collection agency.

Although collection agencies are regulated by the Fair Debt Collection Practices Act (FDCPA), they often will result to questionable tactics to attempt to collect the debt. Some of these tactics involve:

• Threatening or abusive language;
• Telephone harassment at your home and/or workplace;
• Harassment of your family, friends and even coworkers;
• Threatening the debtor with illegitimate incarceration;
• Claiming to be lawyers or representatives of the court;
• and many more.

There are over one and a half million people that file for bankruptcy each year in the US and 50% of charge offs are results of these filings. Of course, when a bankruptcy s granted, the debts are alleviated and not able to sold to third party collection agencies.

Charge offs have a negative impact on your credit score as well. You see, roughly 35% of your credit score is based on payment history. It is one of the most valued elements for lenders to look at to determine a particular credit candidate’s risk factor. Having a charge off recorded against you shows that you have failed to make payments due on an account. The result is a lower credit rating and higher future interest rates for you.

Even if you have had a perfect payment history, the charge off will still result in higher interest rates for you. The logic is that creditors can make up for the losses that they incur as a result of charge offs by charging more interest to all those who have charge offs recorded on the credit reports.

You can attempt to negotiate with the lender who issued a charge off to your account. You may be able to have the charge off reclassified as “Paid as Agreed” which will clear the issue from your report. If you do enter into such an agreement with the lender, protect yourself by always getting it in writing.

Charge offs are happening in record numbers as the economy continues to decline quarter after quarter. Understanding what charge offs are and how they can affect you can go a long way to keeping your credit report in great shape!

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In accounting, a charge off is a term used by creditors when they decide to write off a debt owed to them. They will make this decision after the debt has been in delinquency for some time and they no longer feel that they will be able to collect the debt. The creditors take this loss because they can use it as a credit against their income taxes. Having a debt charged off doesn’t mean that the debt is forgiven or forgotten. You still owe the money and usually the charged off debt is sold to a credit collection agency or a lawyer to continue trying to collect the debt.

In most cases the company will stop charging interest once the debt is charged off, though some will continue charging interest. If the company decides to continue charging interest they must report that as income to the IRS and most companies would rather just put the debt behind them rather than being taxed on income they feel they have very little chance of ever collecting.

Having a charge off on your credit report will typically result in your being denied any additional credit by other lenders. And it can even affect the rates being charged to you on your other outstanding debts, even from lenders that weren’t affected by the charge off.
Once you find that you’re late on a payment you should always make an effort to contact the lender and let them know you are having financial problems. Explain that you are planning on paying the debt in as timely a manner as possible and see if the lender will work with you in some way to help. Many of them will allow you to continue to make smaller payments to avoid having the debt go into charge off. By ignoring the problem it won’t just go away. Letting a debt get to charge off status is one of the worst things you can do in terms of harming your credit score.

If you’ve already gotten charge offs on your credit report don’t worry, it’s still possible to have them removed. Contact the original creditor and ask to work with them to set up a payment plan. Request that the charge off be removed from your credit report once the debt is paid in full. It never hurts to try and work this out with the creditor and the worst they can do at this point is to deny you which leaves you no worse off than before. It is also possible to dispute the charge off with the credit reporting agencies.

If you’re going to dispute the charge off then it’s much easier to have it removed if the debt is already paid off. When you file the dispute, the credit agency has 30 days to verify the status of the account with the creditor. If the account has already been paid off in many cases the creditor will ignore the verification request and the charge off will be removed. Honestly, the only reason they report the charge offs in the first place is to damage your credit rating in the hopes that you’ll then want to pay the debt. If you do still owe money on the debt it’s highly unlikely that the creditor will ignore the charge off dispute, in which case it will remain on your credit report.

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I Raised My Credit Score Over 200 Points by Removing Charge Offs from My Credit Report!

Read my story below (and check out the photos for proof) to see how you can remove charge offs from your credit report.

What is a Charge Off?

“Charge off” is simply a term that creditors use when they determine that they are not able to collect a debt that is owed to them. They write that debt off as a loss against their income taxes. However, the debt is still legally valid and the creditor can attempt to collect the full amount.

A charge off can be listed on your credit report for up to 7 years. If you have charge offs on your credit reports, your ability to obtain credit will be seriously impaired. The best thing you can do is remove charge offs from your credit report.

My Credit Nightmare

I never worried about my credit until a few years ago when the company I worked for went under. With the weak economy, I had a hard time finding a new job and the bills kept piling up. Eventually, I was no longer able to make my payments and all of my credit card accounts were charged-off and sent to collection agencies.

That’s when the collection calls and endless harassment from debt collectors started. Talk about a nightmare, I was afraid to answer my phone. I decided to file for bankruptcy and was relieved of my debt, but the damage to my credit was already done.

Time to Take Action

I got back on my feet with a new job and thought I was on the right track until I tried to buy a house. I found out that my credit scores were too low for the banks to even consider giving me a loan. Talk about frustrating and embarrassing! The last straw was when I went to buy a car and couldn’t qualify for a loan.

I confided in a friend about my poor credit score and she told me about Lexington Law Firm and ranted and raved about how awesome they are. I was excited that there was hope for me, but a little skeptical. However, after seeing what they did for her, I knew I had to give them a try. My friend gave me the website address and I checked them out.

Lexington Law Repaired My Credit Score

With one simple call to their 1-800 number (800-258-0062), I was connected to a credit expert who was not only very knowledgeable, but she was very friendly and understanding of my situation. I decided to sign up and I am so glad that I did! After about 3 weeks, I started receiving letters from the credit bureaus informing me that negative accounts had been removed from my credit reports! (See below.)

Charge Offs Removed from My Credit Report:

I raised my credit scores by OVER 200 POINTS since I got the charge offs and other negative items removed from my credit report. Here’s a snap shot my credit scores from MyFICO since I signed up with Lexington Law:

Client Testimonials:

“I have to admit I was a little skeptical at first, but after seeing what you were able to do with my credit after only a few months, it is very reassuring. Thank you for everything that you are doing for me and please pass on to your staff my appreciation for all of the hard work.”

— T.B., Lexington client

“Thank you for your service. I have had great results from the work you have done on my behalf. I had been warned not to use any credit repair company, but after some research I Decided to give Lexington a try. The results have been better than expected. Several items have been deleted from my credit report and more importantly my FICO score has dramatically improved. I was recently approved for ‘best rate’ financing on a new car and a home construction loan. Thanks.”

— B.K., Lexington client

You can read hundreds of client testimonials and even watch some very inspirational client video testimonials here:

If you’re sick and tired of having bad credit, I recommend you visit Lexington Law Firm. They can delete all kinds of negative items from your credit reports, including: bankruptcies, foreclosures, repossessions, charge offs, judgments, tax liens, collections, late payments and more.

Discount for Couples

Lexington Law is now offering $50 off the inital fee when you and your spouse sign up together. The discount will be applied after the second sign-up is complete.

Remove Charge Offs from YOUR Credit Reports Now!

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