A charge-off occurs when you owe a creditor money and it's 180 days past due. The status of the account is changed to "charge-off" which could show on your credit report. A write-off on the other hand is when a creditor forgives a portion (or all) of the balance owed and won't show on your report.
Charge-off vs. Write-off: you need to know the difference
A write-off means your creditor has forgiven your debt, and you no longer owe any balance to them. A charge-off, on the other hand, is bad news. This happens when you are severely past due on your account, and the creditor doesn't expect you to ever pay. The downside? You're still obligated to pay the debt, and they can pursue you for it legally — yikes!
Does a charge-off affect your credit?
Another huge consequence of a charge-off is it could show on your credit report. The result? Your credit score tanks putting your financial future in jeopardy. Luckily, you may have options to remove it. If the charge-off is reported inaccurately, then you can dispute and remove the record. The easiest way to dispute the charge-off is with help from an expert (like Credit Glory).
Could your negative items (like charge offs) be reported inaccurately?
Unfortunately, the Federal Trade Commission (FTC) claims that 20% of all reports contain (at least) 1 error! The penalty for negative items is a damaged credit score, which can wreak havoc on your financial future. How can you protect yourself? Your best weapon to hold creditors accountable is a dispute. That's where a credit repair expert (like Credit Glory) can make the process super easy.
Why you need to dispute inaccurate charge-off records
Disputing and removing an inaccurate charge-off can improve your credit score. This has several effects on your financial health like:
- Lower interest rates across all lending options
- Easy approval for loans when a financial emergency occurs
- The ability to shop around on mortgage, auto, and personal loans
The only real choice you need to make is whether you should dispute the item yourself or trust an expert (like Credit Glory) to make the dispute process a lot easier for you.
What if you can't dispute any charge offs b/c they're reported accurately?
Even if your charge off is reported correctly, with the 1 in 5 odds, it's likely something else isn't. Double-check any other negative items on your credit report for errors. That way if you find any, you can start rebuilding your credit by disputing them. If you're not comfortable identifying inaccurate info (& it can be tricky), consider help from an expert — like Credit Glory.
Why should you pick Credit Glory vs. DIY
Disputing negative items starts with identifying inaccurate reporting. Then you can handle all dispute aspects on your own (a big hassle) — or trust an expert like Credit Glory.
Advantages when you partner with Credit Glory for help include:
- A tested dispute process - Credit Glory uses a refined dispute process, with success removing negative items.
- Unmatched 100% Money-Back Guarantee - Qualify for a full refund if Credit Glory can't remove inaccurate negative items in 90-days.
- Best-in-class customer support - Disputes are generally complicated and involve waiting. Credit Glory beats DIY by a mile providing access to comprehensive customer support.
Erase inaccurate negative items for good w/help from Credit Glory!
Disputing negative items on your credit report is hard work! It takes a lot of time, effort, organization, and follow up. The good news? Our team of credit repair professionals is here to simplify everything! Let your dedicated credit repair expert relieve you of the stress, hassle, and time needed to fight your inaccuracies and boost your credit score (FAST!)
Credit Glory is a credit repair company that empowers consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.
Call us at (855) 938-3044 or set up a consultation to get started, today!
Get Your Negative Items 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 (833) 958-1271 or setup a consultation with them. They also happen to have incredible customer service.
Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.