Can I get a Charge Off, off my Credit Report?

[Justsomeguy]

Hi all, My company ran up a big debt with American Express during some ruff times last year.

I've been paying off about 5K a month for the last 8 months with an arrangement with a collection agency.

I still owe about 15K (I have this available now to pay in full)

This is listed on my personal Credit report as a Charge Off.

I am hoping that I can leverage the remaining debt and pay it all off at once with the agreement they will no longer list it on my credit report, or that when I dispute it they will not argue that it never happened.

I'm not sure how to go about this though?

Any ideas?

THANKS!

[humandraydel]

Re: Can I get a Charge Off, off my Credit Report?

I doubt it. American Express "charged off" the debt (and took it as a loss on their taxes) and sold it to a collection agency. You are now paying the agency. American Express isn't going to see any of that money, so they won't strike some sort of deal (not that they would anyway).

[Justsomeguy]

Re: Can I get a Charge Off, off my Credit Report?

It is still with American Express though, I can still make payments through AmericanExpress.com of course the agency would rather I go through them so they get their cut.

The really stupid thing was I charged over 600,000 onto this card over three years, then when I couldn't pay one month in full ($50K) they wouldn't work with me to make payments, in the thousands over a few months. Seems like a dumb way to do business but oh well.

[vsjhoc]

Re: Can I get a Charge Off, off my Credit Report?

Go to The Credit Info Centers and read the forums. People posting there have found ways to get charge offs off. It takes a lot of work, patience, persistence, postage, and luck.

[neatdesign]

Re: Can I get a Charge Off, off my Credit Report?

The really stupid thing was I charged over 600,000 onto this card over three years, then when I couldn't pay one month in full ($50K) they wouldn't work with me to make payments, in the thousands over a few months. Seems like a dumb way to do business but oh well.

I agree. Getting a business loan of some kind probably would've been a better way to go. In any case, I think you should go ahead and pay it off now, get rid of it.

How did your account get charged off if you only missed making one payment? Usually someone has to miss payments for several consecutive months (typically six months) before their account is charged off.

~ Jenney

[Justsomeguy]

Re: Can I get a Charge Off, off my Credit Report?

I agree. Getting a business loan of some kind probably would've been a better way to go.

How did your account get charged off if you only missed making one payment? ~ Jenney

Absolutely I should have gotten a loan instead. My problem was that I had an Amex that had to be paid off at the end of the month for no interest. I did this successfully for a couple years. I misunderstood how the card worked. I thought if I couldn't pay the full amount they would just start charging me interest. The thing is they don't do that. They want you to pay the full amount off, so when one month went buy that I did not pay the full amount, they cut my card off, two months later. then sent me into collections for the remainder.

I definately should have gotten a buiz loan instead with a payment plan.

It's the only negative thing I have on my report, but it's killing me, luckily I have got my wife above 750 for our personal affairs, but I still want mine back up there.