Thread: Capital One Charge Off

Hello All,

Has anyone out there had any success in getting Capital One to REMOVE a charge off from their credit report? If so, how?

Thanks!

Great question, Amy. Hopefully someone can chime in on this one. I haven't seen very positive reviews of Capital One but my experience with them hasn't been too bad (yet, knock on wood!).

Meanwhile, if you figure it out on your own, be sure to let the rest of us know

I will be sure to post all information if I am successful.
Capital One aside, does any one have any tips on having a charge off REMOVED? Possibly a phone conversation script...what do they want to hear? I am willing to pay the full amount owed (or better yet, a percentage of the full amount) I just want my report to reflect that the charge off was removed, not "paid as agreed" or "closed".

Thanks All

Here's a little info I found that might be of help, Amy...

Creditors typically write off or charge off a debt if there has been no payment on the account for more than 180 days (6 months). This does not, however, mean that the person no longer owes the debt. A charge-off is an accounting procedure for tax purposes used by the creditor where an uncollectible debt or charge-off is reported as a loss for the creditor.

If you have any charge-offs on your credit reports, your ability to obtain credit will be seriously impaired and you must actively work to restore your credit. Charge-offs stay on your credit report for 7 years from the date of the initial missed payment that led to the charge-off (the original delinquency date), even if payments are later made on the charged-off account.

Paying an old charge-off will not remove it from your credit reports. It will simply be updated to a "paid charge-off," which, while slightly better, is still a seriously derogatory item. To qualify for some loans, including a mortgage loan, you must take care of any charge-offs that appear on your credit report. To remove a charge-off from your credit report, you must dispute the account with the credit bureaus. If after numerous disputes the credit bureaus verify the account, you must contact the collector. All negotiations should be in writing. You will likely need to begin on the phone to ascertain the correct person with whom you should be negotiating. However, once you know who that person is, send everything in writing and request they do likewise.