Hi, I have a question for you. About 3-4 years ago, Citibank charged off my debt and handed it over to a collection agency. I have paid the debt off completely (in full) to the collection agency. I don't understand the Charge Off stuff very well and its entry on my credit report. I do know though, that although the rest of my entries look good/great, this one is sticking out like a sore thumb and is preventing me from getting any other credit. Can someone educate me on how charge off's work on your credit report and if you pay it in full (to the collection agency) - can you get it removed or altered? Thanks,
The debt was still charged off by the original creditor. It was then sold or assigned to the collection agency. The fact that you paid it does not make the charge off go away. And a charge off does not make a debt go away. Charge off is an accounting term meaning that the company determined that the debt was uncollectible and so they wrote it off on their books. There's probably not much you can do about it, especially when the creditor is a major bank like Citi. They tend to keep good records.
You can try. You will have to pinpoint possible errors in the TL and dispute those with the credit bureaus.
Negative information/accounts fall off your credit report after 7 years.When you defaulted and the creditor charged it off. The fact that in the meantime you actually paid it doesn't matter. When you paid it you should have asked for a deletion right there and then.
