Credit Report Questions Charge Off
2010
Credit Cards past due and in collections questions…?
Does an account have to be past due for a certain amount of time before they can place it as a charge off, or can they do it whenever they want to?
Is there any legal documents stating that a creditor may remove any information including a charge off listing they have reported to your credit report?
The reason I ask is I see letter templates on websites for pay for delete (pay credit card and they delete negative info they have put on) but when I ask the credit card company’s if they will do it, they all say that they cant go back and erase something…but there are all sorts of stories on the web about people getting bad reports off their credit report.
Please help with any information you have on this. Thanks!
Usually credit card companies like to let your debt go at least 4-6 months past due before they consider it a charge off. This is so they can rack up a bunch of interest and late fees on the account so that they get a bigger tax deduction for writing off your debt. It also gives them more wiggle room to make you a settlement offer in the future because they don’t actually loose any money if they agree to settle for less money after they’ve jacked up the balance.
It’s completely up to the credit card company if they are willing to accept a pay for delete. It depends on the policies of each business.
Trans Union Deletes 2 Unpaid Collections & 1 Charge-Off – (June 15 2010)
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