Charge Offs On Credit Report
If I payoff my creditors that have reported a charge off, will the charge off stay on my credit report for 7 years, or will it show that it was paid.
Answer:
It would show as a paid charge off. No, this isn't a sarcastic answer. If you are really anxious to get it off your credit report, pay it off and dispute it....once it's paid, the creditor will probably not want to bother verifying it to the credit reporting agency, and it will drop off. At least this is what often happens. I think the operative word here is negotiation. Tell them you will pay it off if they delete their tradeline. Get the agreement in writing. There is no law that says a creditor HAS to report to credit bureaus or tells them WHAT to report. If somebody disagrees, please cite that particular law!
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