Charge-Offs

[Anonymous]

I was told that I could get a charge-off removed from my credit report without waiting 7 years. Is this accurate information?

[Anonymous]

This is partially true. Sometimes you are able to negotiate with the creditor to remove the information from your credit report if you offer to pay off the account or are able to come up with an acceptable settlement offer.

If it is already paid off, you can write good will letters asking the creditor to remove it. 

There is no guarantee you will get it removed though, and it may stay on your credit report for up to 7.5 years.

[Anonymous]

What dfgdfg said is correct in the majority of the cases.

However, if you live in a state that has their own FCRA(NY) then it will be removed earlier than the 7.5 years. Paid COs are removed after 5 years in NY.