Are you wondering if you can get a charge off removed from your credit score? The answer is Yes! You can get a charge off removed from your credit score. It’s important to remove charge offs for your financial health and improving your credit score.
It’s important to understand how a charge off can affect your credit score. First and foremost, they don’t look good on your credit score. Being that your credit score in an indication of how responsible a person you are, charge offs can be a direct reflection of your level of responsibility, even if you are a responsible person in general. Charge offs can not only pull your credit score down in the short-term and long-term, they can be very costly to you in the long run. Lenders today do not like charge offs because they are negative credit. Lenders may still lend you money, but they will charge a significantly higher interest rate than if you didn’t have any charge offs. In addition, they charge you substantially more in a down payment for a loan.
The goods news is that you can remove charge offs from your credit report. If you know the right steps to take, removing charge offs from your credit score can actually be relatively easy. To start, get a copy of all the credit reports from Experian, Equifax, and TransUnion. You have a right to one free credit report every year. You need these so that you can see exactly what is on each of them and if the charge off is on each one.