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How to Remove a Charge Off From Your Credit

You have to have to dispute charge offs with the credit bureaus in order to remove them from your credit report.
You do this by sending in a dispute letter. You must send in a dispute letter to each credit bureau that reflects the charge off in your credit report.
When you mail a dispute letter, you are challenging the accuracy or validity of the charge off listing. Common reasons to challenge are; the account is paid, information is wrong and not my account, just to name a few reasons.
Credit bureaus are probably not going to respond to your first dispute letter. Often they will write back and request more information about the disputed listing.
This is a result of it only costing credit bureaus money that would otherwise be profit when they conduct an investigation. This is why they are very resistant to the dispute process.
This is why some people hire a credit repair firm. Credit repair firms are often more successful in getting the credit bureaus to conduct investigations.
Some have suggested that credit bureaus are more responsive to professionals because the professionals know and understand the credit laws unlike the average consumer. What ever the reason I suggest you hire a firm in you have multiple negative listings on your credit history.
What is a Charge Off and What Does It Mean
A charge off happens when an account becomes past due and no payment is made for 6 months. A charge off allows a creditor to charge off the account from their books.
The account is then a tax break for a creditor. Often creditors will then sell your debt to a debt collector and of course will create a negative listing on your credit report.
You will then be contacted by the collection agency and if they are unable to collect on the debt it will be sold again. This will go on and on depending upon how large the debt is.
Each collection agency will have the authority to make a negative mark on your credit report. Thus one charged off account can easily become many negative marks on your credit.
I suggest hiring a professional if your charged off account has become more than one mark on your credit. However if you only have one negative mark then you can dispute the listing yourself, just don't expect immediate results.

Article Source: http://articles.yournetguru.com

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