Your credit score is important for buying a home, getting a car loan in your name, or just opening a credit card account. A significant part of your score is based on how you manage payments for loans, credit cards, and other types of credit. Having an account fall delinquent can lead to a charge-off, which can cost you major credit score points. Negative information, including charge-offs, can remain on your credit history for up to seven years. But it may be possible to remove a charge-off from your credit sooner than that so you can begin rebuilding your credit score.
- A charge-off means the creditor has written off your account as a loss and closed it to future charges.
- Charge-offs can be extremely damaging to your credit score, and they can remain on your credit report for up to seven years.
- Having an account charged off does not relieve you of the obligation to repay the debt associated with it.
- You may be able to negotiate for the removal of a charge-off from your credit with your creditor or debt collector.
What Is a Charge-Off?
When a creditor gives you a loan or line of credit, it assumes you’re going to pay back what you borrow. If you fall behind or stop making payments altogether, your account can become delinquent. Once an account has been delinquent for an extended period of time—typically meaning it’s 120 to 180 days late—the creditor may charge it off.
A charge-off means your account is written off as a loss. At this point, the account may be assigned or sold to a debt collection agency. The debt collector can then take action against you to try to get you to pay what’s owed. That can include calling you to ask for a payment, sending written requests for payment, or even suing you in civil court to try and obtain a judgment.
Charge-offs don’t end your obligation to repay the debt. Even if your original creditor no longer owns the account, you’ll still owe the debt to the collection agency that acquired it. Charge-offs and other negative account history, such as late or missed payments, can stay on your credit reports for up to seven years.
Depending on which credit bureaus a debt collector or creditor reports to, a charge-off could show up on just one or all three of your credit reports.
How to Remove a Charge-Off From Your Credit Reports
Removing charge-offs or other negative information from your credit reports can be tricky. Technically, negative credit information that’s accurate can legally remain on your credit reports for seven years, and some types of negative information can stay even longer.
That being said, there are some remedies for dealing with charge-offs. The first is disputing a charged-off account if you believe it’s being reported in error. Federal law allows you to initiate a dispute with the credit bureau that’s reporting information you believe to be inaccurate. The credit bureau then has to investigate your claim and if there is an error, correct it or remove it.
All three credit bureaus allow you to file disputes online, which may be the fastest way to get credit errors addressed.
This likely won’t work if the charged-off account belongs to you and all the information being reported about it is accurate. In that scenario, you could try negotiating with the creditor or debt collector to update or remove the charge-off account from your credit file. This is called “pay for delete,” and essentially you’re asking for the account to be removed from your credit reports in exchange for a fee.
Pay for delete arrangements are legal under the Fair Credit Reporting Act, but there are a few things to know. First, creditors aren’t obligated to honor your request and remove charge-offs from your credit. So while you can ask for a pay for delete, there’s no guarantee that a creditor or debt collector will agree to it.
Second, if they do agree, you’ll likely need to pay the account in full. However, if an account has been delinquent for some time, the creditor may be willing to accept a settlement in which you pay less than the full amount. Either way, you’ll almost certainly have to pay something toward the debt.
If requesting a pay for delete, be sure to make your request in writing. And keep copies of all correspondence between yourself and the creditor or debt collector regarding the deletion.
Another option is to work with a legitimate credit repair company to try to get charge-offs or other negative information removed from your credit file. While this can save you time, there’s typically a fee involved, and in most cases the credit repair company can’t do anything for you that you couldn’t do by yourself. Worse, some credit repair companies are just thinly disguised scams whose only goal is to defraud people who need credit help.
Be wary of any credit repair or debt relief company that asks for money up front or promises results that seem too good to be true. Those are red flags that the company may be a scam.
When Removing a Charge-Off Isn’t Possible
If you’ve tried to negotiate with a creditor for the removal of a charge-off but hit a dead end, your only option may be to simply wait it out until the seven-year mark passes. Once that period is up, the charge-off will fall off your credit report naturally and no longer be included in your credit score calculations.
Again, this doesn’t mean that you can ignore the debt altogether. You’re still legally obligated to pay it. At some point, however, the statute of limitations on the debt may expire. When that occurs, debt collectors can no longer sue you to recover the money. The statute of limitations for different types of debt varies from state to state.
Be careful to avoid accidentally restarting the clock on the statute of limitations for debt. Making a promise over the phone to repay the debt, for example, can reset the timeline in which a creditor can try to collect on it.
Since the charged-off account will still show up on your credit report, it will continue to impair your credit score. But the good news is that as charge-offs and other negative information ages, its overall impact can lessen. And in the meantime, you can work on rebuilding a positive credit history by doing things like paying your bills on time, keeping your credit utilization ratio low, and limiting how often you apply for new credit.
Debt Consolidation: Market 2021 also Industry is Booming Worldwide with Key Players
Debt Consolidation Market With COVID19-Pandemic Impact Analysis:
Debt Consolidation Market 2021 this report is including with the COVID19 Outbreak Impact analysis of key points influencing the growth of the market. Also, Debt Consolidation Market (By major key players, By Types, By Applications, and Leading Regions) Segments outlook, Business assessment, Competition scenario, Trends and Forecast by Upcoming Year’s. The study of the Debt Consolidation report is done based on the significant research methodology that provides the analytical inspection of the global market based on various segments the Industry is alienated into also the summary and advance size of the marketplace owing to the various outlook possibilities. The report also gives 360-degree overview of the competitive landscape of the industries. SWOT analysis has been used to understand the strength, weaknesses, opportunities, and threats in front of the businesses. Thus, helping the companies to understand the threats and challenges in front of the businesses. Debt Consolidation market is showing steady growth and CAGR is expected to improve during the forecast period.
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This Free report sample includes:
- A brief introduction to the Debt Consolidation Market research report.
- Graphical introduction of the regional analysis.
- Top players in the Debt Consolidation Market with their revenue analysis.
- Selected illustrations of Debt Consolidation Market insights and trends.
- Example pages from the Debt Consolidation Market report.
The Major Players in the Debt Consolidation Market.
Credit Repair Australia
Australian Debt Agreements
The DCS Group has
Sort My Debt
Clear Credit Solutions
Australian Debt Solvers
Australian Lending Center
The Debt Consolidation Market Report Helps You in Understanding:
- Dominant and emerging trend analysis, elaborate references of key drivers, restraints, threats and challenges besides also harping on product categorization as well as industry chain analysis that collectively influence uniform growth
- The Debt Consolidation market report lends amplified focus on important business priorities and investment choices preferred by key players as well as contributing players
- The Debt Consolidation market report discusses at length the core growth pattern and market dimensions, besides also harping on decoding the competition spectrum for thorough business discretion
Key Businesses Segmentation of Debt Consolidation Market
on the basis of types, the Debt Consolidation market from 2015 to 2026 is primarily split into:
Credit Card Debt
Overdrafts or Loans
on the basis of applications, the Debt Consolidation market from 2015 to 2026 covers:
Some of the key factors contributing to the Debt Consolidation market growth include:
Regional Debt Consolidation Market Analysis:
It could be divided into two different sections: one for regional production analysis and the other for regional consumption analysis. Here, the analysts share gross margin, price, revenue, production, CAGR, and other factors that indicate the growth of all regional markets studied in the report. covering
|North America||U.S. & Canada|
|Europe||U.K., Germany, France, Italy, Spain, Hungary, BENELUX, NORDIC, Rest of Europe|
|Asia-Pacific||China, India, Japan, South Korea|
Australia, New Zealand, Rest of Asia-Pacific
|Latin America||Brazil, Mexico, Argentina, Rest of Latin America|
|Middle East and Africa||Israel, GCC, South Africa, Rest of Middle East and Africa|
- Growing per capita disposable income
- Favorable for youth Demographics
- Technology advancement
In terms of COVID 19 impact, the Debt Consolidation market report also includes following data points:
- Impact on Debt Consolidation market Size
- End User Trend, Preferences and Budget Impact of Debt Consolidation market
- Regulatory Framework/Government Policies
- Key Players Strategy to Tackle Negative Impact of Debt Consolidation market
- New Opportunity Window of Debt Consolidation market
Key Question Answered in Debt Consolidation Market Report.
- What are the strengths and weaknesses of the Debt Consolidation Market?
- What are the different marketing and distribution channels?
- What is the current CAGR of the Debt Consolidation Market?
- What are the Debt Consolidation market opportunities in front of the market?
- What are the highest competitors in Debt Consolidation market?
- What are the key outcomes of SWOT and Porter’s five techniques?
- What is the Debt Consolidation market size and growth rate in the forecast period?
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Major Points from Table of Contents:
There are 13 Chapters to thoroughly display the Debt Consolidation market. This report included the analysis of market overview, market characteristics, industry chain, competition landscape, historical and future data by types, applications, and regions.
- Chapter 1: Debt Consolidation Market Overview, Product Overview, Market Segmentation, Market Overview of Regions, Market Dynamics, Limitations, Opportunities and Industry News and Policies.
- Chapter 2: Debt Consolidation Industry Chain Analysis, Upstream Raw Material Suppliers, Major Players, Production Process Analysis, Cost Analysis, Market Channels, and Major Downstream Buyers.
- Chapter 3: Value Analysis, Production, Growth Rate and Price Analysis by Type of Debt Consolidation.
- Chapter 4: Downstream Characteristics, Consumption and Market Share by Application of Debt Consolidation.
- Chapter 5: Production Volume, Price, Gross Margin, and Revenue ($) of Debt Consolidation by Regions.
- Chapter 6: Debt Consolidation Production, Consumption, Export, and Import by Regions.
- Chapter 7: Debt Consolidation Market Status and SWOT Analysis by Regions.
- Chapter 8: Competitive Landscape, Product Introduction, Company Profiles, Market Distribution Status by Players of Debt Consolidation.
- Chapter 9: Debt Consolidation Market Analysis and Forecast by Type and Application.
- Chapter 10: Debt Consolidation Market Analysis and Forecast by Regions.
- Chapter 11: Debt Consolidation Industry Characteristics, Key Factors, New Entrants SWOT Analysis, Investment Feasibility Analysis.
- Chapter 12: Debt Consolidation Market Conclusion of the Whole Report.
- Chapter 13: Appendix Such as Methodology and Data Resources of Debt Consolidation Market Research.
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Note – In order to provide more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19.
Teams eliminated during the NFL’s Divisional Round face major offseason questions
It’s brutal to lose in the Divisional Round of the 2020-2021 NFL Playoffs — it leaves most of the teams that get eliminated with pressing questions. Questions ranging from easy ones (“How do we take the next step”) to difficult ones (“How do we keep the salary cap from tearing us apart next year?”) to downright existential ones (“Is everything we are trying to accomplish doomed to failure?”). The Baltimore Ravens, Los Angeles Rams, Cleveland Browns, and New Orleans Saints are grappling with those questions now that their 2020 seasons have come to a close.
Here’s an NFL Recap look at what lies ahead for the four eliminated teams from Divisional Round action that came so close to the Super Bowl, and yet are still so far away.
Editor’s note — bookmark the main page on Pro Football Network for all of Mike’s thoughts in the full NFL Recap beyond this Conference Championship preview!
The first eliminated team of the NFL Divisional Round: Los Angeles Rams
The Rams enter the offseason $22 million over the salary cap. Their in-house free agent list is led by top defensive backs Troy Hill and Darious Williams, both of whom will be expensive to keep. And the Rams lack a first-round pick because of the Jalen Ramsey trade (which feels like it happened two days after the Herschel Walker trade). Other than that, everything is peachy-keen.
The Rams will have trouble retaining second-tier in-house free agents like center Austin Blythe, receiver Josh Reynolds, or tight end Gerald Everett, let alone someone like Williams unless they perform some serious credit repair. Look for an offseason of restructured contracts, free agent departures, and very little good news as the Rams try to keep their playoff window from slamming shut.
The second eliminated team of the NFL Divisional Round: Baltimore Ravens
Lamar Jackson needs to become a more consistent passer outside the numbers. The Ravens’ offense needs a legitimate Plan B when they fall behind by more than a touchdown or when their option running game is bottled up.
And the whole team needs to find ways to avoid the type of catastrophic big-game failures that get them eliminated in NFL Playoff games. Red zone collapses, silly mistakes, and sudden reversals in which a long drive turns into seven points for the opponent have destroyed them.
Featured | Valdovinos’ 3-round 2021 NFL Mock Draft
The Ravens must also keep daring to be different. They must avoid the trap of thinking that Jackson or their offense has some special deficiency that will doom them to playoff also-ran status. Jackson and the Ravens are easy targets for lazy skepticism because they are so unique. If Jackson were a pocket passer in a conventional offense, he could go 8-8 for years while facing only moderate criticism while earning dump trucks full of money to almost win Wild Card games.
The Ravens have quantitative problems, not qualitative ones. They are a few tweaks, not an overhaul, away from the Super Bowl. Fortunately, they are also one of the best organizations in the league when it comes to sticking to their long-range plan.
Sights set on next year: Cleveland Browns
Going from 0-16 to 11-5 is easy, especially when it takes three years to do it. Going from 11-5 to the Super Bowl is much harder because the Browns will be swimming against the tides of the salary cap, draft order, and a harder 2021 schedule.
Self-scouting is crucial for an NFL team at the Browns’ stage of development and eliminated in the Divisional Round. They cannot fool themselves into thinking that they are “one player away” or that further improvements will just happen automatically.
The Browns’ salary cap situation is pretty good. It’s about $24 million in on-paper space, much of which will likely be spent on extensions, even if the team takes another year to wait-and-see on Baker Mayfield (guard Wyatt Teller, for example, is in the final year of his rookie contract).
Extra third and fourth-round picks from past trades will help spackle some holes. And Odell Beckham returns next year, which is almost certainly a good thing. The Browns sorely need a receiver who can stretch the field, and Beckham is only about 15-20% as much of a loopy distraction as your father-in-law insists he is.
The Browns should be at least as good in 2021 as they were in 2020. That’s fine, so long as an organization with zero history of sustaining success realizes that any team that doesn’t get ahead in the NFL ends up falling behind.
Sights set on next year: New Orleans Saints
The Saints are an eliminated team, and will be up Schitt’s Creek the moment Drew Brees retires from the NFL. They’re so deep in cap debt ($95 million entering the 2021 offseason) that the whole team will have to live in a motel room in a Canadian countryside town full of quirky characters just to make ends meet.
The Saints face the greatest cap crisis in NFL history, and Recap doesn’t have the bandwidth or word count to dig into the macroeconomics of what they will have to do to field a roster next year. Let’s just say that we will get to see what the Taysom Hill/Alvin Kamara option package looks like when half of the remaining roster is earning the league minimum.
Top scams of 2020; what to watch out for in 2021
Some of the most common were fake websites tricking consumers into making a purchase who then never get the product. This is something the I-Team has exposed during the pandemic with people never getting the Personal protective equipment they ordered.
Another involved the sale of counterfeit products.
Employment or job offer scams where you’re possibly asked to send money to make money were also popular.
It’s also worth mentioning all of these include “COVID-19” related scams which on its own came in at number four.
One thing to always remember to avoid getting scammed is to thoroughly research websites before you send anyone money.
Top 10 Scams of 2020:
1. Online Purchase – fake websites
2. Counterfeit Products (Clothing, electronics, shoes, purses, etc.)
3. Employment – scam job offers
4. COVID Related Scams – (These may be much higher – COVID is sited in other categories)
5. Debt Collections – invoices, calls or emails for fake debts
6. Advance Fee Loan – the promise of a “loan” – after you pay fees
7. Phishing Scams – (Clicking on scam links can lead to malware – imposter scams etc.)
8. Credit Card – Includes fake emails and calls claiming there’s a problem with your account in order to steal money and information – or fake credit card debt consolidation
9. Credit Repair/Debt Relief
10. Identity Theft -can we say not a matter of if but when it will happen to you?
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