What is a Charge Off?

A Charge Off on your credit report normally happens after you fail to make payments and your creditor has written off your unpaid debt to get a tax deduction. 

Usually, after 6 months (180 days), creditors want to remove your unpaid dent from their accounts.

This doesn’t mean that you don’t owe the money. It just means it was sold to a collection agency.

But you may want them removed so it doesn’t affect your credit in the short-run, so can Lexington law remove charge-offs?

Related: Does Lexington Law Remove Student Loans?

Want Help Removing Charge Offs?

Call Lexington Law For FREE Consultation

(833) 838-5600

Monday - Friday: 8 AM - Midnight (ET) 
Saturday: 9 AM - 11 PM
Sunday: 9 AM - 10 PM

How Does A Charge Off Affect Your Score

May may have heard from creditors “if you get your debt paid your credit score will increase automatically”. 

This is not true, it will take some time - not months but not instantly. The same goes for getting a boost on your FICO score.

Paid charge offs will look better to moneylenders who manually underwrite, but it will have a little effect on your credit score.

Related: 7 Ways: How To Raise Your Credit Score By 200 Points

can lexington law remove charge offs

Can Lexington law remove charge offs?

Yes, it is possible. 

This Lexington Laws’ ability to remove the charge offs is based on if the information is being reported accurately. Information such as:

  • Amount Owed
  • When you stopped paying 
  • Account Info
  • Age Of Account
  • Creditor Name
  • Open Date
  • Balance

Also, the creditor must be able to verify everything reported.

Unpaid charge-offs over 5-7 years old have a better chance of being removed than newer charges. There are some exceptions such as death and Student Loans.

A Paid charge-off is the easiest to be removed.

Related: How Do Medical Bills Affect My Credit


How Will They Remove A Charge Off?

1. Ask For A Tradeline Deletion aka Pay For Delete or PFD

Negotiating a Pay-For-Delete is a common practice you can do it yourself or have someone do it for you. 

It means that you offer the creditor or collection agency to pay the debt in exchange they will remove “baddies” from your Credit Report (CR)

Above all, make sure to get everything in writing If the creditor is entertaining the option.

Related: Are Pay For Delete Letters legal?


2. Advanced Dispute Methods

Lexington Law will get your CR and look for the errors we mentioned above. Look through all the details and if there are inaccuracies you can dispute the entire account. 

A letter is written to the 3 credit bureaus informing them of the issues and ask that they’d be removed.

Related: Can You Remove  Collections?


Wrapping Up

In conclusion, removing a charge off can be a hefty task, which is why some look to credit repair companies like Lexington Law, CreditRepair.com and Ovation Credit Services to do the work for them. 

Moreover, those companies offer a lot more than when it comes to removing negative items and errors off your CR.

No matter if you decide to attack this project yourself or give Lexington Law a call, make sure to get everything in writing. 

You want to make sure you have documentation just in case something gets lost in the mix.

Good Luck!

Call Lexington Law For FREE Consultation

(833) 838-5600

Monday - Friday: 8 AM - Midnight (ET) 
Saturday: 9 AM - 11 PM
Sunday: 9 AM - 10 PM
James Willaims
 

Hey There, James here. I am the co-founder and editor of this site. I have over 10 years experience in business and 5 in the credit repair world