| A charge-off account on your credit report is when a | | | | negotiating with the creditor to see if payment |
| lender has given up on collecting money on an account | | | | arrangements can be made. |
| which you had with their company. The time frame is | | | | If you are past this point then you want to work to |
| usually 180 days after which the company will | | | | have the charge-off deleted at a later time. The longer |
| charge-off the account. | | | | a charge-off is on your credit report, the easier chance |
| This will be indicated on your credit report beside the | | | | you will have of having it deleted. |
| account, and lenders do this in order to report the | | | | This is due to the dispute process when you work to |
| account as a loss on their books and receive the tax | | | | have your credit repaired by-yourself. The lender will |
| benefit of doing so. On the other hand this mark on | | | | have to verify the account when you place your |
| your report will do damage to your credit rating and | | | | dispute and the chances are higher they will not verify |
| score. | | | | the older the account. |
| Overcoming charge-off accounts on your credit report | | | | Keep in mind that this does not have anything to do |
| will require a plan on your part. If the account has not | | | | with the lender selling the account to a collection |
| become a charge-off as of get, you want to do | | | | agency which is also likely to happen if you don't pay |
| everything in your power to stop it which would involve | | | | on the account. |