Comments on: What is a charge off? Should I bother to pay it? How can I improve my credit score? http://www.theonlinecreditscore.com/improve-credit-score/what-is-a-charge-off-should-i-bother-to-pay-it-how-can-i-improve-my-credit-score/ Get Your Free Online Credit Score And Report Sun, 16 Oct 2011 14:24:23 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Mrs. M http://www.theonlinecreditscore.com/improve-credit-score/what-is-a-charge-off-should-i-bother-to-pay-it-how-can-i-improve-my-credit-score/comment-page-1/#comment-4400 Mrs. M Sat, 27 Feb 2010 05:42:46 +0000 http://www.theonlinecreditscore.com/2010/02/27/what-is-a-charge-off-should-i-bother-to-pay-it-how-can-i-improve-my-credit-score/#comment-4400 it means your in collections now. the 1st company, the one you opened it with, decided to take it as a loss since you weren't paying or not paying enough. You owe the debt so pay it off. Pay your bills it means your in collections now. the 1st company, the one you opened it with, decided to take it as a loss since you weren’t paying or not paying enough.
You owe the debt so pay it off.
Pay your bills

]]> By: walkthisway2009 http://www.theonlinecreditscore.com/improve-credit-score/what-is-a-charge-off-should-i-bother-to-pay-it-how-can-i-improve-my-credit-score/comment-page-1/#comment-4399 walkthisway2009 Sat, 27 Feb 2010 04:51:25 +0000 http://www.theonlinecreditscore.com/2010/02/27/what-is-a-charge-off-should-i-bother-to-pay-it-how-can-i-improve-my-credit-score/#comment-4399 Dont pay the chargeoff, if it is more than 2 years old, it is not affecting your score. It could actually lower your score if you pay it by creating a present day "paid collection." You need to do something else to improve your credit. Have you considered using one of those authorized user tradeline programs. They are very affordable and would get you well on your way to having better credit. My mom used it and not only was able to open other accounts, but her score jumped 51 points. Check out the free evaluation form at www.totaldebtsolutionsllc.com They can help. Dont pay the chargeoff, if it is more than 2 years old, it is not affecting your score. It could actually lower your score if you pay it by creating a present day “paid collection.” You need to do something else to improve your credit. Have you considered using one of those authorized user tradeline programs. They are very affordable and would get you well on your way to having better credit. My mom used it and not only was able to open other accounts, but her score jumped 51 points. Check out the free evaluation form at http://www.totaldebtsolutionsllc.com They can help.

]]> By: a_pink_gyrl http://www.theonlinecreditscore.com/improve-credit-score/what-is-a-charge-off-should-i-bother-to-pay-it-how-can-i-improve-my-credit-score/comment-page-1/#comment-4398 a_pink_gyrl Sat, 27 Feb 2010 03:57:02 +0000 http://www.theonlinecreditscore.com/2010/02/27/what-is-a-charge-off-should-i-bother-to-pay-it-how-can-i-improve-my-credit-score/#comment-4398 That means the company wrote it off as a loss (they didn't believe that it was worth pursuing). You can still go back and pay them - you have to contact the company and then follow up to make sure they change it on your credit history to reflect that you have settled the debt. They are required by law to report the changes to your credit report once you have settled the debt - so make sure to follow up. They can still attempt to collect these debts from you also - so if you have the means, I would go ahead and clear these up. A company often charges off a debt and then hands the debt over at a later time to a third party collection agency. Companies also sell debts/accounts often - so a purchaser of one of the previously charged off debts can come back and try to collect it in the future. There are statute of limitations on debt collection items - but these vary from state to state. *Please be advised that this is only my general legal opinion and does not constitute legal advice and/or form an attorney/client relationship. That means the company wrote it off as a loss (they didn’t believe that it was worth pursuing). You can still go back and pay them – you have to contact the company and then follow up to make sure they change it on your credit history to reflect that you have settled the debt. They are required by law to report the changes to your credit report once you have settled the debt – so make sure to follow up.

They can still attempt to collect these debts from you also – so if you have the means, I would go ahead and clear these up. A company often charges off a debt and then hands the debt over at a later time to a third party collection agency. Companies also sell debts/accounts often – so a purchaser of one of the previously charged off debts can come back and try to collect it in the future.

There are statute of limitations on debt collection items – but these vary from state to state.

*Please be advised that this is only my general legal opinion and does not constitute legal advice and/or form an attorney/client relationship.

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