Do you have accounts that you’ve missed many payments? Do you have loan or credit that has gone unpaid? The creditor may stop asking for payments and list the account as a charge off. This will hit your credit report and lower your credit score. You are also still liable to pay the debt. Atlanta Credit Counseling can help you resolve charge off discrepancies with your credit report. Our team has years of experience helping our customers clear their credit report. A clean credit report will help you receive lower interest rates and better loans. We can help you resolve your charge off problems today.
What is a Charge Off?
If you’ve missed several payments on an account, a debtor may give up on collecting payments. This is classified as a charge off. The creditor takes a loss and you will take a hit on your credit report. Even thought the creditor will no longer ask for payments, you are still responsible for the debt. Charge offs will hit your credit report and will stay active for up to seven years. Your debt could also be sold to a credit collection company. This will also show on your report under accounts in collection as well.
Does a Charge off Hurt Your Credit?
A charge off can hurt your credit in several different ways. If you missed several payments on an account, this would have hurt your credit score. Once the account goes into collections your score will lower again. Once the creditor performs a charge off, you’ll notice another drop in your credit. Finally, if they sell your debt to a collection agency you will notice another drop in your score. Your credit score will take a large hit if you let an account become charged off.
Can We Help with Your Charge Offs?
Atlanta Credit Counseling can help you resolve your charge off accounts. We have excellent relationships with most lenders and will open a conversation with your lender. We can help you arrange an acceptable repayment plan that could save you money. Once your bills are paid, we can contact all three credit bureaus to have your charge offs and delinquent payments removed. Our team has years of experience helping our customers with charge off accounts. If you would like to learn more about our charge off services, feel free to email or call our customer service team today.
Charge Off Credit Repair Services
Atlanta Credit Counseling can help you rebuild your credit after any charge off problem. Our team has years of experience resolving credit score and report problems. We can also educate you on finance best practices. Your credit score will naturally grow when you understand how credit works. Our team is available today for your credit repair needs. If you would like to learn more about charge off accounts, call or email us today.