Sample letter to remove charge off from credit report

When I went to college I had to borrow a ton of money.

Bankers thought I was a bum and my friends thought I was utterly irresponsible.

I hoped that my bad credit would simply disappear over time. however, federal laws are in place that can keep bad credit on your reports for up to 7 years!

They think you are not trustworthy if you have poor credit.

Luckily, a close friend of mine went through a similar situation and had Lexington Law help him improve his credit reports. I learned that Lexington Law can help repair almost any kind of bad credit caused from unfairly reported items – including, inaccurately reported charge offs, collections, foreclosures and even bankruptcy related items.

Call Lexington Law Today:

It gave me some much-needed hope, to see my credit reports cleaned up and my score increase.From practically the first month of using Lexington Law services I began to see results.

It didn’t take long before my score had become good again. It was simply life-changing.

Lexington Law was wonderful to work with and with their help I was able to get the vast majority of my unfair or inaccurate items removed. When I then started paying my bills on time, this greatly improved my credit score.

It was an incredible feeling to go look for a new car knowing that my credit reports were cleaned up and my score was so good. I didn't even need to panic about getting approved.

Take a look at this picture of my new Pathfinder - financed at a low rate due in part because of the help I received from Lexington Law.

Take steps to ensure you have a fair and accurate credit report!

Did you know you can suffer credit damage from unpaid accounts? Your credit report comes in handy when you are applying for insurance, employment, a loan, or even when renting a home. Lexington Law, can teach you how to clean up your credit and fix report disputes!

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How to Remove a Charge-Off From Your Credit Report

Charge-offs are detrimental to your credit. By the time your account gets charged off, you’re already 180 days late. After that, the charge-off listing will remain on your credit report seven years from the date it was charged off. In total, the account remains delinquent on your credit report for seven and a half years. That's a long time to have such a negative entry on your credit report. Charged-Off Doesn't Mean Forgiven

Don't let the name fool you. You're still responsible for paying a charge-off. As long as the charge-off remains unpaid, the creditor can continue attempts to collect on the account and that may include suing your for the amount.

Future creditors and lenders take charge-offs seriously, so it’s in your best interest to remove charge-offs from your credit report. Negotiation is your best tactic for reducing the effects of a charged-off account. Talk to the Creditor

Often charge-offs are handed to a debt collector. But, when it comes to charge-offs, you don’t want to deal with a collection agency. After all, it’s the original creditor who reports a charged-off account and a collector can’t do anything about what the original creditor reports to the credit bureaus.

To remove a charge-off, you should contact the original creditor. You want to convince the creditor to remove the charge-off from your credit report in exchange for payment. Before you make the call, know how much you’re able to pay on the account. The more you can pay and the sooner you can pay it, the more negotiating power you have. Ask to speak to someone who has the authority to remove the charge-off from your credit report. Otherwise, you face the risk of getting told "no” by someone who couldn’t say "yes” if they wanted to.

Let the creditor know you’re interested in paying the account and would like to make payment arrangements in exchange for having the charged-off status removed from your credit report. Speak politely and professionally. Avoid blaming the creditor or giving your life story. Keep it short and to the point. Best case, the creditor will agree to remove the charge-off from your credit report

Credit card companies are contractually bound to report credit information to the credit bureaus, so it can be difficult to get a creditor to agree to remove the charge-off from your credit report. Even so, some cardholders have been successful in making a pay for delete agreement. If you can’t get the creditor to agree to remove the charge-off completely, try for something less negative like "Closed”. Get the Agreement in Writing When the creditor agrees to remove the charge-off from your credit report, get the agreement in writing. You can do this in one of two ways:

1. Have the person you spoke with fax you a copy of the agreement on company letterhead. 2. Alternatively, get the name, mailing address, and phone number of the person you spoke with. Send a copy of your agreement to that person via certified mail with return receipt requested. Request the person sign and return a copy to you.

Avoid making payment until you have the agreement in writing and can prove beyond the shadow of doubt someone from the creditor’s office made the agreement.

Sample letter to remove charge off from credit report

Simply copy and paste the letter of your choice into a word document, and replace each variable.

Sample Letter - Request to Cease and Desist

(Social Security Number)

Sample Letter - Request to Add a Consumer Statement

"Your message here"

(Social Security Number)

Sample Letter - Request Removal of Inquiries

(Social Security Number)

Sample Letter - Explanation of Delinquent Account

Name and Address of

(Social Security Number)

Sample Letter - Request a Free Credit Report (1)

(Address of credit bureau)

My social security number is:

My birthdate is:

My current address is:

My previous address is:

Sample Letter - Request a Free Cedit Report (2)

(Address of credit bureau)

(Social Security Number)

Sample Letter - Request for an Investigation (1)

(Address of credit bureau)

(Your credit report ID #)

(Your social security #)

(Your date of birth)

Please update my credit report and send me a copy at the conclusion of your investigation. In addition, send the results to the three major credit bureaus: Experian, Equifax, and Trans Union.

(From Credit Experts) How To “Remove Charge-Offs” Yourself

A charge-off is one of the most harmful credit report entries, short of a bankruptcy. In fact, charge-offs remain on your credit report for at least seven years from the date they’re recorded — just like a bankruptcy. That’s because a charge-off is essentially a debt the creditor has recorded as “uncollectible” with the credit rating agencies.

So what can you do if this has happened to you?

Option #1: Let the Credit Experts Handle It for You

While it is possible to remove charge-offs from your credit report, many people prefer to have a credit repair company handle this delicate process on their behalf.

If that sounds like you, we have a list of the top-rated credit repair services to help get you started:

Option #2: Contact the Creditor in Writing (or By Phone)

One of the best and most effective ways to remove a charge-off yourself is to communicate directly with the original creditor, not with a collection agency or other third-party settlement firm. The reason for this is it’s the original creditor who reported the charge-off to the credit bureaus and who can ultimately remove it.

Your Goal is to Accomplish 1 of 3 Things:

You’ll want to contact the creditor in writing if possible, with a proposal for paying the debt in full. In writing to the creditor, you are trying to ensure at least one of the three following things happen:

1. Charge-Off Status Removed From Your Credit Report

This is the best-case scenario and what you are hoping they will agree to.

2. Charge-Off Status Changed to “Paid” or “Closed”

This is the most common case scenario and your best alternative to removal.

3. Charge-off Changed to a “Settled” Status

This is the least preferred solution because the term “settled” is often seen as being paid in collection.

This is a sample letter you’re free to copy and paste that tells the collection manager you wish to have the charge-off removed in return for payment.

Complete account numberAttn: Collection Manager,This letter is in reference to a debt claimed under the account number listed above. I wish to settle this debt in full without prejudice, in return for removal of the “charge-off” status with the credit rating agencies. This is not an admission of the debt or a payment agreement, unless you agree to have all information related to this debt removed from my credit file. In return for your removal agreement, I am willing to make payment in the full amount of $XXX.XX to be sent by certified funds. If this is acceptable, please acknowledge the details of this agreement in a letter written on your company’s letterhead. You will also agree to contact the collection agency to inform them of dismissal of the aforementioned debt.In addition, please be aware that as per my rights under the Fair Debt Collection Practices Act, I have a right to request full verification of this debt and to dispute it unless full verification is made. This offer is valid for 14 days from the date of receipt, after which it will be withdrawn and I will exercise my right to full verification.

Important: Get the Agreement in Writing Before Paying

You can also begin this process over the phone, if you’re lucky (or tenacious) enough to find the right department and person to talk to. In any case, be sure to get any settlement you make with the creditor in writing before making a payment.

One thing to be especially cautious about is paying any amount toward a charged-off debt without first getting a signed agreement with the original creditor. Doing so can reset the clock on your charge-off, meaning it will be another seven years from the date you make the payment before the entry is removed from your credit report.

If the Creditor Won’t Budge, Your Score Won’t Improve

It’s important to note if the creditor does not agree to remove the charge-off, paying the debt will not immediately improve your score. A “paid” or “settled” status does not change the fact that it’s still a charge-off on your credit report. Your score will improve gradually with time if you choose to pay, but it will not have the same effect it would if the charge-off was completely removed.

At this point, it’s up to you to decide if paying the debt is worth it.

Often, when money and debt are involved, tensions run high and we forget that ultimately we’re just dealing with people like us. One of the best ways to improve your credit score is to simply explain your situation and ask for a little goodwill by writing a goodwill letter. How does it work?

Let’s say you have a negative mark on a credit report with an account that has not gone to a collection agency. It might be from a credit card company when you got a couple of months behind on your payments.

If the payment is now up-to-date, you should try simply asking the company to remove the late payment from your credit report. No one is obligated to remove accurate information from your credit score, but companies are eager to satisfy you, their customer. It’s in their best interest to keep you as a customer.

Table of Contents

There’s no guarantee that a goodwill letter will get the negative item off your credit report; after all, this is not a dispute where you’re challenging the validity of the item. But there are several situations where you’ll have the best chance of receiving a positive response from your creditor.

For example, if you tried to make your payment on time but encountered a technical error (especially if it happened on the creditor’s end), you’re a good candidate for a goodwill letter. Maybe their website was down or the phone line was busy for an unreasonably long time.

You can also try a goodwill letter if your autopay didn’t work for some reason. Even if your bank account had insufficient funds, you could certainly ask and just explain why your funds were low. Perhaps a check took longer to deposit than you expected or you had an emergency expense pop up.

Finally, even if you simply forgot to make the payment, but are otherwise a good customer making timely payments, you could still successfully request a removal through the goodwill letter. Ultimately, you’re still a paying customer and many creditors appreciate the fact that they depend on people like you to keep their businesses running.

How to Write a Goodwill Letter

When writing a letter requesting a negative mark be removed, keep a few things in mind.

  1. Be courteous. Put yourself in the company’s position and ask how you would like to be treated. Remember that the company has provided you with a service and thank them for that.
  2. Acknowledge your fault in the late payments and explain the circumstances that prevented you from making those payments.
  3. If there is a specific reason that you need a good credit rating, such as attempting to get a loan for a house or a much-needed car, include it.
  4. Again, be friendly. Thank them for their time and offer to answer any questions they have.

Using a goodwill letter, thousands of people have been able to have a negative credit mark removed. You have a strong chance of doing the same if your account is no longer past due and if your debt hasn’t been passed on to a collection agency. Just remember the above tips or use a form letter, or let a credit repair company do the work for you.

Re: Acct # xxx xxx xxx

Dear Mr./Mrs. CEO/Pres,

I am writing concerning my experience with that is both a grateful “thank-you” and a pressing request concerning a tradeline in my credit files that I would like to have revised.

I received my on and took pride in the fact that all my payments were routinely made in a timely manner. Unfortunately, in , I had a tragic accident and was in the hospital over Christmas. I am the sole provider for our family and was unable to go to work for over a month.

I did use what little vacation and sick time I had to cover our living expenses but needless to say, this left us in an unfavorable position financially. Not only do we have three young children but it was at the hardest time of the year since it was Christmas. Concessions had to be made and regretfully, this led to a late payment on my account.

The loss of income, even though it was a short period of time was a brutal “wake-up” call for me concerning financial responsibility. Since that incident, I have learned the essential organizational and financial management skills I desperately needed at that point and my payment history from reflects that. I wish to thank you for your renewed confidence in me and for giving me a second chance at a positive relationship with , one that I am determined to keep untarnished.

My wife and I are about to begin the process of purchasing a new home, and it has come to my attention that the late notation from may prevent me from taking full advantage of the best interest rates available. Since that notation does not reflect my current status with , I am requesting that you please give me a second chance at a positive credit rating by revising those tradelines. I sincerely hope that there is redemption at , and I plead for such consideration.

If any additional documentation would assist in reaching a positive outcome, please feel free to contact me.

I thank you again for the time you have spent reading this correspondence.

Very hopefully yours,

After You Send the Goodwill Letter

Once your goodwill letter is sent in the mail, there’s nothing left to do but wait. You may hear back from your creditor in as little as one to two weeks, which is an optimal situation. However, it may take longer than that, and some may not ever respond.

You can always call customer service to ask about the status of your request after a few weeks of waiting. You can determine how strong your case is by reviewing a few simple points about your account.

First, the creditor considers how long you’ve been a customer. Obviously, if you’ve had a long relationship and have otherwise generally had a positive payment history, your chances are better than being a new customer or making spotty payments.

You’re also more likely to have the delinquency removed if it happened a while ago. That’s because you’ve had time to prove that it was just a one-time occurrence rather than an ongoing financial issue. Finally, if you’ve already requested a goodwill adjustment from the same creditor, particularly within the last two years, you’re less likely to have a new item removed.

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