by Jason Quinn
You must dispute a charge off with each credit bureau to remove it from your credit history. 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.
You need to realize that credit bureaus rarely conduct an investigation because of one dispute letter. Frequently they will respond requesting more information about the 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.
Some people have found it a good idea to hire a credit repair service. These services can frequently get the credit bureaus to grant an investigation, quicker than just a consumer.
People have said that credit bureaus are more responsive to companies because they are scared that a company will file a complaint with the FTC regarding the bureaus violating the Fair Credit Reporting Act. This be true or not I suggest a company if you have many negative marks on your report.
What is a Charge Off and What Does It Mean
Charge offs occur once an account is delinquent and no payment is received for six months. It lets the lender charge the debt off of from their financial records.
It becomes a tax break for a creditor. The creditor then can turn around and sell off the delinquent debt to a collection agency and make a notation on your credit report that your account was charged off.
Then you will start being harassed by bill collectors. If they can not collect the debt they will sell it to another bill collector. The number of people that try and collect payment on this debt is dependent upon the size of the debt.
Every agency that attempts to collect on this debt will be able to create a negative mark on your credit report if unable to secure payment. Often one charged off account will become multiple marks on an individual’s credit report.
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.
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