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HomeBlog Personal FinanceHow To Get A Charged Off Item Removed From Your Credit Report
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How To Get A Charged Off Item Removed From Your Credit Report

July 1, 2013 by National Debt Relief

Beautiful girl talking on the cell phone, isolated on whiteHave you been turned down for credit? If so, you should have been told why. The Fair Credit Reporting Act (FCRA) mandates that if a lender refuses you credit, it must tell you why. And it must be very specific. It can’t be vague and write something such as, “you didn’t fit our customer profile.”

If you know why you were refused

The reason why most people are refused credit is due to their credit scores. If you were told this is why you were refused, the first thing you need to do is get a copy of your credit report from the three credit bureaus – Experian, Equifax and TransUnion. And no, it won’t include your credit score but it should tell you why you have a bad credit score, which will be due to “bad” items in your report.

The six negative items

The six negative or bad items that would drag down your credit score are:

• Late payments
• Judgments
• Collections
• Bankruptcies
• Charge offs
• Liens

Unfortunately, there is nothing you can do about a bankruptcy, a lien or a judgment. A bankruptcy will stay in your credit report for either seven or 10 years (depending on the credit reporting bureau) and a judgment or lien will remain there for seven years. These are just part of your credit history and there’s nothing you can do about them short term.
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Dealing with charge offs

If you find that your credit report does show a charge off, you may be able to get it removed. As a general rule lenders do not write off debts until they are six months past due after which time they may sell your debt to a collection agency. You need to first determine which lender reported your debt as a charge off and contact it by phone. Your credit report will include the name of the lender but you may have to do some digging to get a phone number. Once you do, you can begin negotiating with the company to settle the debt and have it removed from your credit report.

You will have to pay something

You will need to offer to pay some percentage of your debt. You might start at, say, 30% and see what kind of response you get. Most lenders will negotiate because they’d rather get “half a loaf” then sell your debt to a collection agency where it would get just pennies on the dollar. You do have to make it clear that you’re willing to pay part of your debt but that in return, you expect the lender to remove the item from your credit report(s).

Get it in writingWoman holding glasses and reviewing credit card statement

If you are able to settle your debt, make sure you get in writing the lender’s promise to have the item removed from your credit reports. Don’t rely on verbal promises. Get a letter or email detailing how much you have agreed to pay and the item will be deleted from your credit file.

Review your credit report for mistakes

Another important reason to get your credit report is that it could contain mistakes that are dragging down your credit score. When you review your reports look for charge offs, judgments, liens, accounts that have gone to collection, etc. If you find some, make sure they’re really yours. The credit bureaus process thousands of items a week and they can make errors.

How to dispute an error

Let’s say you review your report and find a debt charged off that wasn’t yours. Maybe it was someone else’s that got in your credit file by mistake. In any case, you can dispute the item. All three credit bureaus have forms online where you can file a dispute. Warning – you can’t just say, “Hey, that debt wasn’t mine.” You need to have documentation supporting your claim. If you do have adequate documentation, the credit bureau must contact the company that reported the item and request validation – or proof that the item was not an error. In the event the company cannot validate the item or just doesn’t respond within 30 days, the credit bureau must by law remove the item from your report.

Check out this video for more details on disputing errors in your credit report.

Other things you could do to boost your credit score

If you have a debt that’s gone to collection, you most likely know about this because the collection agency has probably contacted you at least once. If so, you may be able to also negotiate with it to have the item removed from your credit file. The collection agency purchased your debt from your lender and for much less than you really owe. This leaves room for negotiation so you might be able to settle the debt for 40% or less with the stipulation that, in return, the collection agency amends your credit report to read paid in full.

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Moderate National Debt Relief Caller: Misty Transcribed WE 3/28/2021 Misty: The call, it may be recorded. Can you tell me do you recall how you heard about NDR? KYLE: I googled it, and then it went to Better Business Bureau or whatever it's called. And you guys have the highest rating. Misty: Which service did they actually provide for you? KYLE: So, basically, I enrolled all my credit cards into the program. And I stopped paying. And then, the lawyers reached out to the company's lawyers. And they've been settling, stuff like that. Misty: How would you describe your interaction that you had with your representative that you worked with on getting everything squared away? KYLE: Oh, it was excellent. Misty: Do you feel that the door of communication is still open if you have any questions or concerns? KYLE: Yes. Yes, I actually have been meaning to call you guys, too. [Laughs] I just haven't had time, but yeah. Misty: How did NDR work with you on your payment plan? Do you feel that they're flexible if you need to change the date? KYLE: Yeah. Yeah, if I ever had to. I don't need to, but I know that if I ever had to, I can just call them. Misty: What are your thoughts on the cost in relation to the quality of service you've received from them? KYLE: I'd say 10 out of 10. Misty: How has working with NDR impacted your life so far? KYLE: It's helped out a lot. I was really underwater with bills, and now I can breathe. And I managed it a whole lot better. Misty: Have you actually finished the program or are you still working through it? KYLE: Still working through it. I got one more card to settle. Misty: But we're making progress though, right? KYLE: Absolutely. Yeah, I think one of my cards was 17,000. They settled it for 6,000. That was pretty cool. Misty: Are there any other comments or even any suggestions on how they might improve their service for you? KYLE: Well, what I was gonna call them about was just as far as the payments that I make, and is there an actual date as to when it stops at 43 months, or if that was an estimated date? So, I guess I should have gotten more clarification in the beginning. But that's kind of what I had questions about. Misty: Well, that brings us to the star rating, which is 1 to 5. So, how would you rate your experience with NDR at this time, and 1 would be very dissatisfied, 5 is that you would recommend them to a friend at this time? KYLE: A 5. Misty: What would you say to that friend who asked you about it, just maybe one or two things you might tell them before they decide who they're going with? KYLE: That your credit is gonna take a hit, but it's gonna bounce back, and you'd be fine. Misty: Would it be okay if we shared your feedback on ConsumerAffairs.com for others to read it or in a similar point in their life where they're like, “I'm not sure who I need to go with,” but they can read reviews of people that have started the process with NDR? KYLE: Yeah. Is it gonna have my first and last name on the review? Misty: No, sir. Only first name, and we do not publish any contact information. KYLE: Okay. Yeah, that’s fine. Misty: I have kylecunningham1873@gmail.com. KYLE: Yes, ma'am.

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