Can Charge-Offs Be Removed if Settled?


(USA)

I have read through both of your books and I am left with a questions regarding “charge-offs” On my credit report I have 5 charge-offs. If those debts were settled is it fact true that the actual report of “charge-off” can be completely removed from my credit report if the creditor agrees to remove it?

Comments for Can Charge-Offs Be Removed if Settled?

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Mar 15, 2010
 Removing Charge Offs from Credit Reports
by: Gerri

Thanks for your question.

It is difficult to remove charge offs that lenders have placed on your credit files. While collection agencies may be open to negotiation, creditors typically have little incentive to negotiate, and may in fact be prevented from removing an accurate settlement due to banking regulations.

If an account listed on your credit report is inaccurate or incomplete, you always have the right to dispute it. If it is not verified promptly it must be removed.

If you cannot get these removed, focus on building new positive credit references. Eventually they will help to outweigh the old.

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