@Nicg88121 If possible use the opportunity to contact the creditors and arrange payment or set up a payment plan. A creditor can decide to assign your account to a collection agency or sell it at any time. Either way you have new account showing on your credit that will drop your scores.
@trickypeaceman wrote:Will paying off these "charged off" accounts have any positive impact on our credit?
Charge offs, yes. The reduction in dollar amount to zero balance, combined with the stoppage of monthly updates (if they are updating monthly) should yield nice results.
