Kohls Charge Off - Currently Reporting - 5 Years old

[Anonymous]

Good Morning,

I am seeking advice on how to get a Charge Off removed from my report. This is the one charge off account i have on my report and it is five years old. When refinacing my car for a lower interest rate the lender "advised" i settle the account and approved me. I have heard that paying a account that is charged off or in collections will not improve your score. The card limit was 300 and now states 546 owed. Does anyone have contact information for them? Do i contact the company that "Charged off" the account or the orginal owner? I have no idea how to fix this and would love proper advise as i previously had a credit score around 555 and now am sitting at the mid 600's and am not willing to try to mess with it, if it will restart the clock it will show on my report or damage my score at all. I must add there is a comment on the account that shows "disputed, resolved - custumer disagrees" how do i get that removed?

Thank You,

P.S I am trying to improve scores to be 700's than apply for a house loan so your advice is well appreicated!

[RobertEG]

If the original account was charged-off and reported by the creditor, it can only be removed either by showing that the CO itself was improper, or by obtaining voluntary deletion by the reporting creditor.

It is rare that a consumer can establish that a charge-off was improper.  If the account was delinquent at time that it was subject to a charge-off, it is likely proper.  Federal regs, for example, usually mandates that a creditor to charge a delinquent revolving debt to profit and loss once the delinquency reaches 180 days.  Thus, unless you can show that the account was not delinquent at time of the charge-off, you will likely have no basis to challenge the legitimacy of the CO itself.

Your remaining option is to attempt to obtain voluntary deletion by the creditor of that reporting.

If the debt remains unpaid, the normal process is to first send the creditor a pay for deletion offer, which, if accepted, will result in deletion once you pay the debt.

However, PFDs are usually hard to obtain, as the CRAs instruct furnishers not to delete based on payment of the debt.

No action on your part will reset the credit report exclusion date of the reported charge-off.

It is fixed as a date-certain of no later than 7 years plus 180 days from the date you first became delinquent on the debt with the creditor, and thereafter did not pay the account back into good-standing prior to the reported charge-off.

[Anonymous]

RobertEG,

Thank you for your response. I would like to try to contact them for a pay for delete, how do i know the correct company/person to contact and get their contact information? How do i go about asking for pay for delete advice would be appreicated as i have never done this. I also want to get the "comments" removed before i go about looking for a pay to delete how do i get a dispute lifted?

Thank You!

[gdale6]

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@Anonymouswrote:

RobertEG,

Thank you for your response. I would like to try to contact them for a pay for delete, how do i know the correct company/person to contact and get their contact information? How do i go about asking for pay for delete advice would be appreicated as i have never done this. I also want to get the "comments" removed before i go about looking for a pay to delete how do i get a dispute lifted?

Thank You!

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Welcome to the board

You would want to contact the Exec Office about the PFD. To get dispute comments removed from a TL the dispute has to be closed and you would then call the CRA(s) and ask that such comments be removed as you are not disputing anything.

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