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remove a charge-off

How To Remove A Charge-Off From Your Credit Report

A credit charge-off means the credit issuer has written the credit card account off as a loss because you are more than 180 days late on your payment. The debt may be transferred to a collection agency, and that’s where the real trouble begins.

But you do have recourse. The Fair Credit Reporting Act (FCRA) mandates that if a lender refuses you credit, they must specifically tell you why. A vague reason like “you didn’t fit our customer profile” won’t stick.

Were You Refused Due To Your Credit Score?

When people are denied credit, it usually comes down to their credit score. If this is the reason you weren’t approved, the first thing you need to do is get a copy of your credit report from the three credit bureaus – Experian, Equifax and TransUnion. And no, it won’t include your credit score. But it should tell you why you have a bad credit score, which will be due to “bad” items on your report.

Here’s what could drag down your credit score:

• Late payments
• Judgments
• Collections
• Bankruptcies
• Charge offs
• Liens

Unfortunately, a bankruptcy, lien or judgment is out of your hands. A bankruptcy will stay on your credit report for either seven or 10 years (depending on the credit reporting bureau) and a judgment or lien will remain for seven years. These are just part of your credit history, and you have no control over them in the short term.