A charge-off on your credit report is considered derogatory by lenders and can severely damage your credit score. If you have grounds for having a charge-off removed, it is always in your best interest to do so.
Facts
It is not possible to suppress a charge-off and lessen its negative effects on your credit score. You may, however, attempt to remove the charge-off from your credit report altogether.
Time Frame
Charge-offs will typically appear on your credit report for seven years but may be removed early under some conditions.
Inaccuracies
If the notation on your credit report that reflects the charge-off contains any inaccurate information, such as incorrect dates or amounts, you may dispute the validity of the charge-off and request its removal.
Effects
Once the charge-off is removed, all evidence of the original credit card account, including your payment history, will disappear as well.
Considerations
If the creditor can provide proof that the charge-off was reported accurately after it has been deleted, it may be reinserted into your credit file.
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