Locations
Credit Doctor Company - Better Credit for Better Living STAY CONNECTED WITH US   Facebook Page Follow us on Twitter Google+ Page Watch us on YouTube
Call Us Toll Free
HOME SERVICES NEWS BLOG FAQ SUPPORT
Why Us Education Credit Unions Social Credit Pull Be an Affiliate
Credit Management Credit Repair Debt Negotiation
START HERE
Credit services

What is Charge Off?

What is a charge-off

A charge-off or chargeoff is the declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected. This occurs when a consumer becomes severely delinquent on a debt. Traditionally, creditors will make this declaration at the point of six months without payment. In the United States, Federal regulations require creditors to charge-off installment loans after 120 days of delinquency, while revolving credit accounts must be charged-off after 180 days.

The purpose of making such a declaration is to give the bank a tax exemption on the debt. The charge-off, though, does not free the debtor of having to pay the debt. Most times if chargeoffs are not paid they are sold to factoring companies (Collection agencies that buy the debt).

A charge-off is one of the most adverse factors that can be listed on a credit report. Even a paid chargeoff can and will affect your credit scores. Charge offs are allowed by law to report up to seven years from the date of last activity.

Chargeoffs on your credit report

Charge offs like other data on your credit report, are subjected to verification procedures as required by many state and federal laws if we challenge or disputes the account if they are reporting. Companies must verify that the information they are reporting is accurate and timely.

Credit Repair can be very effective to improve your credit report, which improves your credit score. As one of the tools for higher credit scores, credit repair is needed if there are paid or unpaid chargeoffs reporting on your credit file, or you can wait until the seven years after the company charges it off if they didn't sell it!

Credit Doctor Company has credit repair plans that can help remove inaccurate and untimely charge offs that are reporting on any of your credit reports including Equifax, Experian, and Trans Union. We actively engage credit reporting agencies and furnishers of information to improve your credit reports and scores.

Try our Advanced Plan for a quick start to Better Credit for Better Living.

Read more: What is the difference between paid and unpaid charge-off?

Get started today with our credit services Get started today!
Build Higher Credit Scores
First Name Last Name
Email Re-enter Email
Phone No Method of
Contact
Birthday Interested In
  Opt-in for timely text messages about our ongoing promotions.
Credit Management
Credit Repair
Debt Negotiation
Others
Start Now!
Get
Started
Questions

Email: support@creditdoctorcompany.com

Call Us: (877) 249-2199       Sitemap

About | Privacy | Resources | Site Map

© 2005-2019 Credit Services Company. All Rights Reserved

Disclaimer: The information provided in this site is not legal advice, but general information on credit report issues commonly encountered Credit Services Company is not a law firm and is not a substitute for an attorney or law firm. Communications between you and Credit Services Company are protected by our Privacy Policy, but are not protected by the attorney-client privilege or work product doctrine. Credit Services Company cannot provide legal advice and can only provide credit repair services at your specific direction, by our terms of agreement. Please note that your access to and use of creditdoctorcompany.com is subject to additional Terms of Use.