Credit Report Charge-Offs and What to Do About Them [mortgagebesttips.blogspot.com]
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According to Bankrate.com the number one reason for getting turned down on credit is because of a charge-off. A charge-off is often seen as a negative indication that you have not been responsible in the past with your finances and consequently you cannot be trusted in the future.
However, as we all know, this is not necessarily true. Especially in this current economy, many people are facing financial challenges that they have never had before. In order to recover financially we all need to know what to do about negative credit showing on our credit reports.
Typically creditors will charge-off a debt if a payment has not been made on the account for 180 days. However, as a consumer you need to realize that this does not relieve you of the debt and you still owe the debt. The creditor can continue their collection efforts in any way they choose.
It is possible for these and other negative credit issues to end up on even the most credit-worthy person's reports.
A bill could have been inadvertently overlooked. You could have moved and forgot about telling the creditor so their bills were unable to reach you. You could have even thought that someone else was paying it, for example in the case of divorce when the courts gave it to your ex-spouse.It is not at all uncommon for your first notification of a charge-off to show up when you are denied credit because of it. No one is immune to having bad credit information showing up on their credit report.
There is also the dilemma of what to do about a charge-off on your credit report. You can pay it off and think you are in the clear yet the negative mark may stay on your report. Another concern when you pay it off is that the seven-year period that it stays on your report starts anew whenever there is activity on the account.
If you pay off a 2-year-old bad debt and the time starts anew, you could end up having the negative mark on your credit for 9 years unless you get them to remove it completely.However, you can take steps to get negative information removed from your record. With credit bureau disputes or creditor negotiations you may be able to improve the status of the negative credit or even get it completely removed from your credit reports. You will probably have to deal directly with your creditors and you can do this on your own or consider the services of a professional credit repair service to assist you.
In many cases you will not have to wait 7 long years to improve the status or even remove the negative credit from your credit reports. You just need to take some intelligent action and get some results.
Recommend Credit Report Charge-Offs and What to Do About Them ArticlesQuestion by tom k: bankrate.com? Why does Bankrate.com exclude E-Loan from its highest paying money market rates when it pays 5.24% with an APY of 5.38%?There is a $ 5000.00 min, but it must fit into one of their classifications. Is there something I am not seeing about their rating? Best answer for bankrate.com?:
Answer by mambo64ad
E-Loan is possibly a brokerage, so they may not qualify as a bank. The same way auto insurance brokers are excluded from rate lists.
Answer by chic1079
another possibility is that e-loan is probably not paying to be on their site. The more money the bank pays at bankrate the more visible they'll be. That's why sometimes small localized banks will have higher rates then those advertise on bankrate.
