Charge Off report on Credit Report

[Anonymous]

I just checked my credit score and a two year old account has been reporting to the Credit Bearuea as 'Charged off' every month. Is there anything I can do about this? 

[LShawn08]

Only thing that can be done is to either settle the debt or pay in full. Otherwise there going to keep dinging you EVERY MONTH!

[Anonymous]

Can I dispute it? 

[RobertEG]

Is it a delinquent account of yours?

What is inaccurate in their reporting?

[LShawn08]

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@Anonymous wrote:

Can I dispute it? 

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The all knowing Fico gods will tell you "they do not condone disputing valid debts" or something of that nature, so no but if the account isn't yours or inactuallity it's been paid and it's still reporting as unpaid then yes dispute away. 

[RobertEG]

Unless you assert an inaccuracy, your dispute can be dismissed without any reinvestigation as frivolous or irrelevant.

Additionally, the acceptable procedure is to request the creditor to do a good-will deletion.

By filihg a dispute, you are more apt to build a feeling of ill-will when you request their voluntary deletion.

"By all means file a dispute" is not, in my opinion, a good recommendation.

[Anonymous]

Agreed, disputing a valid account can also backfire, I learned the hard way

You may want to call the OC directly and ask what the status of your account is? 

It's possible the OC will sell your debt at some point and will stop the monthly reporting.

I have one CO on my report that was sold to a CA a couple years ago. The OC stopped their monthly reporting and the CA never reported my account to the CRA's

[jamie123]

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@Anonymous wrote:

I just checked my credit score and a two year old account has been reporting to the Credit Bearuea as 'Charged off' every month. Is there anything I can do about this? 

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Yes, you certainly can do something about this.

Its called PAY FOR DELETE or PFD around here. You need to contact the collection agency or lender that is reporting the charge off and negotiate payment with the stipulation that they will delete the account from the credit bureaus once you pay it. Request the agreement be put in writing and DO NOT PAY UNTIL YOU HAVE IT IN WRITING! As long as you still owe the money, you have the power to demand deletion if you pay it off. Once you pay it off you are at their mercy. Lenders and collection agencies are not very merciful. Just paying it off will have zero impact on your scores. You need it removed!

You really do need to have this removed from your reports. It is having a negative impact on your scores.

And yes, a credit card will do wonders for your scores. You really do need to get 3 credit cards as quickly as possible to build your credit history and get your scores as high as possible. You want to end up with  5 to 8 quality credit cards that you can keep open for life.

[gdale6]

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@jamie123 wrote:

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@Anonymous wrote:

I just checked my credit score and a two year old account has been reporting to the Credit Bearuea as 'Charged off' every month. Is there anything I can do about this? 

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Yes, you certainly can do something about this.

Its called PAY FOR DELETE or PFD around here. You need to contact the collection agency or lender that is reporting the charge off and negotiate payment with the stipulation that they will delete the account from the credit bureaus once you pay it. Request the agreement be put in writing and DO NOT PAY UNTIL YOU HAVE IT IN WRITING! As long as you still owe the money, you have the power to demand deletion if you pay it off. Once you pay it off you are at their mercy. Lenders and collection agencies are not very merciful. Just paying it off will have zero impact on your scores. You need it removed!

You really do need to have this removed from your reports. It is having a negative impact on your scores.

And yes, a credit card will do wonders for your scores. You really do need to get 3 credit cards as quickly as possible to build your credit history and get your scores as high as possible. You want to end up with  5 to 8 quality credit cards that you can keep open for life.

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http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/td-p/2031275

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Example-Letter/td-p/4519

Good luck OP.