Charge-offs can do serious damage to your credit score, so getting them removed is an important step in improving your credit. Once removed, you should see an improvement in your score, though the extent of the improvement depends on other factors, including the age of the debt.
Credit Scores
A credit score is a number that represents your financial history, particularly your use of credit. A higher credit score indicates a history of responsibly using of credit. There are several different formulas used to develop credit scores, though the best known is the one developed by the Fair Issac Company (FICO).
Charge-Offs
If a creditor believes that you are not going to pay a bill, it will eventually "charge-off" your account as a loss. In most cases, the creditor will write your bill off as a tax loss and either assign or sell your account to a collection agency. The creditor also reports the account to the credit bureaus as a charge-off, which will lower your credit score. Even though your account is "charged-off," you still owe the money. Many lenders, particularly those that specialize in mortgages, won't issue you a loan until you either pay off a charged-off account or get it deleted from your credit reports.
Credit Report Deletions
If you have a charge-off on your credit report and you do not believe that the account is yours or that you actually owe that creditor money, initiate a dispute with the credit bureau that is reporting the charge-off. If the account is yours, contact the creditor about getting the debt paid off. You may be able to get the charge-off removed from your account if you agree to pay off the debt. Charge-offs will drop off your credit report after 7.5 years passes since your last payment on the account. However, federal law allows credit bureaus to include old accounts on reports requested by lenders, insurers and employers if you are asking for an insurance policy or loan over $150,000 or a job that pays more than $75,000 per year.
Impact of Deletion
While a charged-off account can initially lower your credit score by 50 to 100 points, your score may not suddenly jump up 50 to 100 points right after a charge-off deletion. This is because there are several factors that make up your credit score, and some areas of your credit may have improved or worsened over time. The debt's age also matters: If you get a very old charge-off removed from your report, don't expect to see a huge change in your credit score, as the impact of old negative accounts lessens over time.
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