Credit Report Charge-Off?
Also, I want to clean up my credit...by myself. If I have a debts that I know I owe, how do I get the creditor to report to the credit agencies that my debt is paid and remove it?
Only serious answers please. Thanks.
Answers:
Charge Off means they weren't able to collect the money from you and charge it off on there accounting books. Even if you paid your debt in full it'll still remain on your credit report for years showing paid.
As far as your your overdrawn account I'm not sure if they can debit your account.
To pay your debt yourself try if you have credit cards pay the one with the highest interest first (if you can) OR take the one with the lowest balance and pay as much as you can when you can.
Same goes for installment loans (fixed payment) Pay it off as soon as you can to avoid all that interest they'll collect
You have collection? Pay them too.
I know you can only do so much but try to PAY PAY PAY. Like I said before just because you paid the bill doesn't mean you can get it removed right away it takes years. But paying a start.
you can also try to contact your creditors and make some sort of arrangements with them if it has come to that. Some will work with you because they want their money any way possible
You have an account that has an outstanding balance and you have quit making payments and the creditor has given up on you. The creditor charges off the account as a loss on their balance sheet. This reports as a negative on your credit report so others that might be considering offering you some account will now pull back and think twice. If another creditor does give you an account, your interest rate will likely be much higher than someone that does not have a charge off.
Once an account is a charged off it will not be removed. The only thing that will change is the adjective in front of it--"unpaid" or "paid".
Most creditors will file a civil action in order to secure a judgment against you that may help them recover the loss.
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