Charge-offs have a negative implication on the credit card reports. Not only is the credit card score down but its limits are reduced. Charge-offs come about when a creditor charges off your debt it means the debt is a loss to the financial institution because you as the borrower you have not paid it in a while. The creditor will add a negative report to your credit report. For an account to be charged off there should be six months of non- payment or paying less than the minimum amount. Here are ways on how to remove charge offs from your credit report.
Call the creditor company
As the borrower, you can call the creditor to request the removal of charge off by you paying. If you can pay the debt right away it earns you extra points. Request the creditors to delete the account if they cannot request them to connect you with the one who has the authority. If you cannot request them to delete the notation charge-offs and replace with paid. You should be extra nice and polite on the phone
Keep the conversation short and straight to the point
After the creditors agree to settle the charge off ensure everything is written and the creditors mail you the letter. The creditor or you personally can mail the letter to the credit bureau to confirm if everything is reported as agreed.
The borrower can also wait
At times you cannot make the creditor settle the charge off hence the only option is to leave it alone. This can only apply as a last resort. After leaving it alone it will take seven years to get rid of the charge off from the credit report.
Do not blame the creditor
While am concluding to avoid all this process of removal of charge off from credit report ensure you pay your debts on time and the agreed amount. This will help to settle all debts permanently without much hustle. At times you may find yourself not paying debts on times you get charge-offs the above can help you on how to remove them from your credit report.