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Delete Charge Off

Jun 20, 2008
When there is a charge off on your credit history it will dramatically lower your credit score. This will make getting new credit very hard.

If approval does occur it will be contingent upon you placing a big down payment and paying a high interest rate. This is the punishment creditors place on individuals when they are unable to pay their bills.

Unfortunately the system doesn't factor in that sometimes life just happens and some things are beyond our control. Often good people are faced with the choice of eating or paying a bill.

Credit bureaus have caused a false belief that when a charge off happens there is no recourse for the individual. That person will have to pay the high interest rates and large deposits for 7 or more years. This is not true.

The FCRA or Fair Credit Reporting Act states that a credit bureau must remove a listing that is inaccurate of can not be verified. Lenders will rarely spend the time or money to verify an old debt.

Regardless of the veracity of the listing it is typically removed when an investigation occurs. However complications happen in the initial stage of requesting the investigation.

This is because it costs the credit bureaus potential profits to investigate a listing. There is no money for the credit bureaus to make off an investigation and the only incentive is to comply with legislation.

Thus credit bureaus are very resistant to granting an investigation. They have a formula in place to discourage and frustrate an individual when they request an investigation. This is the common reason people will hire a professional credit repair firm.
About the Author
To learn more about removing a charge off visit us, or to recieve a free credit repair letter to start the dispute process yourself.
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