How do you get rid of charge offs? How long does it take to come off your report either before payment or after payment. If paid off will it come off right away?
How do you get rid of charge offs? You can dispute them with the CRAs or negotiate with the creditor for a deletion, if you pay (in writing). How long does it take to come off your report either before payment or after payment. If paid off will it come off right away? It takes 7 years from the date charged off to go away on it's own. If you paid it, it would change to a paid charge off, which is just as bad on your credit report. In fact if you paid it, they would most likely re-age it which is a violation of the FCRA.
OK so what happens if you negoitate a payoff in writing to delete it? Then that is the only way in can come off completely? If you do not negotiate it this way then even if you pay it it would be better to wait 7 years for it to come off and not pay it?
How old is the charge off? Are they actively trying to collect it from you? Has it gone to collections? How much $$$ are we talking? If its older and they aren't trying to collect, you could try disputing it with the CRAs. Have you done that yet? This is probably the easiest way to get rid of it, although it may wake up the creditor. If not and they are willing to negotiate, then I would try to talk them into taking a percentage of the total owed for a deletion. Again all in writing... The only ways to get rid of it before the 7 years is to dispute with the CRAs, hope it doesn't get verified and then they'll have to delete it. Or get the creditor to delete it, either by a pay-for-delete negotiation or an attempt to get them to validate the debt. Any contact with the creditor could likely start them pursuing you again, so this is a chance you would be taking.
There wouldn't be a point to paying it off and having it just read paid charge off. However we were able to talk to the creditors and get it in writing and negotiate the pay back. They will delete it when paid. That is the best way and it in our case fairly easy. The creditors would rather do that and get their money than not get their money at all.
