Charge Off Removal
Creditors view a charge-off as an indication that they will never see their money again; this might be due to unforeseen circumstances such as illness or unemployment but there's also the chance that you've been careless with your spending habits (or even fraudulent). No matter what caused it though, creditors will most likely give up trying after one charge off - so two can only mean dire straits.
The creditor will charge off the debt if it has been uninvested for 180 days. However, as a consumer you are still responsible for this debt. Besides self-collection, borrowers can also work with third party collection agencies to avoid defaulting on their debts altogether and having unforgiving penalties from creditors like late fees or shutoffs enforced upon them.
Maintaining accurate credit reports will protect you from fraudulent Charge Offs. If the error is suspicious or if you have a charge-off changed to none, get it removed immediately so that your score can stay at its best and future attempts of fraud are not successful.
Credit Repair of Philadelphia can help you dispute errors on your credit report. If we find an error, we will do our best to solve it for you.
When companies have 30 days to respond to disputes, the charge-off gets removed from your credit report. This will help if you use a charge-off expert because it is challenging for people who are not experts in this field of work to do such tasks independently.
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