Creditors charge off accounts and send them to collections. They do this after they deem the account uncollectable. The collection agency will add it to your credit report for seven (7) years (unless removed). This will drop your credit score up to 100 points.
Get Your Charge Offs Professionally Removed
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.
If you're looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on (866-271-3550) or setup a consultation with them. They also happen to have incredible customer service.