Remove Charge Offs

by: JustinHutto
Total views: 5
Word Count: 252

When there is a charge off on your credit history it will dramatically lower your credit score. This will make getting new credit very hard.

When approval does happen you will be forced to pay exuberant interest rates or make a hefty down payment. This is how lenders penalize people when they are incapable of making their payments.

This system does not recognize that catastrophic events occur. When someone is faced with the decision of feeding their family or making a payment, the choice is obvious.

Credit bureaus have caused a false belief that when a charge off happens there is no recourse for the individual. That person will have to pay the high interest rates and large deposits for 7 or more years. This is not true.

Fair Credit Reporting Act says that any unverifiable or inaccurate credit listing must be removed by the credit bureau. Typically lenders will not spend the money or time to verify an uncollectible debt.

Thus, when an investigation is granted the negative listing is often deleted regardless of accuracy. The difficulty we hear of comes in getting the investigation started.

This is because credit bureaus do not create extra income from investigations and instead spend money out of their own pocket. Their only reason to conduct an investigation is to obey legislation.

Thus credit bureaus are very resistant to granting an investigation. They have a formula in place to discourage and frustrate an individual when they request an investigation. This is the common reason people will hire a professional credit repair firm.

About the Author

To learn more about removing a charge off visit us, or to recieve a free credit repair letter to start the dispute process yourself.  

More Articles from: Credit