How to Dispute a Charge Off
Get a copy of your credit report., Call the creditor., Dispute the charge-off with a reporting agency., Wait for a response.
Step-by-Step Guide
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Step 1: Get a copy of your credit report.
According to the Federal Trade Commission, 5% of consumers have errors in their credit profiles.Order a copy of your credit report to see if a charge-off appears that does not belong there.
The three nationwide credit reporting agencies (Experian, Equifax, and TransUnion) created a central site for the purpose of providing free annual credit reports to comply with the requirements of the Fair Credit Reporting Act.Visit http://annualcreditreport.com to order your credit report online. -
Step 2: Call the creditor.
If a charge-off appears on your credit report and you do not think it should be there, either because you paid off the debt or made at least the minimum payment within the last six months, call the creditor.Explain that the debt should not have been charged off due to the payment(s) you made.
If the creditor admits to its error, request that it contact the credit reporting agencies to have the charge-off removed.
Ask the creditor to send you a written confirmation when the charge-off has been removed from your profile.
Always deal with the original creditor, even if the creditor sold the debt to a collection agency.
A collector has no control over what the original creditor reports to the credit reporting agencies., When you submit a dispute to a credit reporting agency, the agency will contact the creditor to request proof of the accuracy of the debt the creditor reported.
The agency has 30 days to investigate the dispute by contacting the creditor and requesting proof of the validity of the charge-off.
If the creditor does not respond or cannot prove the validity of the debt, the agency will remove the charge-off from your report.You can submit a dispute online with any of the three nationwide credit reporting agencies by visiting:
Equifax: https://www.ai.equifax.com/CreditInvestigation/home.action Experian: http://www.experian.com/disputes/main.html TransUnion: http://www.transunion.com/corporate/personal/creditDisputes.page , After the agency completes the investigation, if the agency took any action to change your credit profile, then agency will send you written confirmation of the results, as well as a free copy of your credit report. -
Step 3: Dispute the charge-off with a reporting agency.
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Step 4: Wait for a response.
Detailed Guide
According to the Federal Trade Commission, 5% of consumers have errors in their credit profiles.Order a copy of your credit report to see if a charge-off appears that does not belong there.
The three nationwide credit reporting agencies (Experian, Equifax, and TransUnion) created a central site for the purpose of providing free annual credit reports to comply with the requirements of the Fair Credit Reporting Act.Visit http://annualcreditreport.com to order your credit report online.
If a charge-off appears on your credit report and you do not think it should be there, either because you paid off the debt or made at least the minimum payment within the last six months, call the creditor.Explain that the debt should not have been charged off due to the payment(s) you made.
If the creditor admits to its error, request that it contact the credit reporting agencies to have the charge-off removed.
Ask the creditor to send you a written confirmation when the charge-off has been removed from your profile.
Always deal with the original creditor, even if the creditor sold the debt to a collection agency.
A collector has no control over what the original creditor reports to the credit reporting agencies., When you submit a dispute to a credit reporting agency, the agency will contact the creditor to request proof of the accuracy of the debt the creditor reported.
The agency has 30 days to investigate the dispute by contacting the creditor and requesting proof of the validity of the charge-off.
If the creditor does not respond or cannot prove the validity of the debt, the agency will remove the charge-off from your report.You can submit a dispute online with any of the three nationwide credit reporting agencies by visiting:
Equifax: https://www.ai.equifax.com/CreditInvestigation/home.action Experian: http://www.experian.com/disputes/main.html TransUnion: http://www.transunion.com/corporate/personal/creditDisputes.page , After the agency completes the investigation, if the agency took any action to change your credit profile, then agency will send you written confirmation of the results, as well as a free copy of your credit report.
About the Author
Charlotte Brown
With a background in writing and publishing, Charlotte Brown brings 3 years of hands-on experience to every article. Charlotte believes in making complex topics accessible to everyone.
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