It is a little known fact but it is very possible to delete charge-offs from your credit report. It does depend on a few factors, which I am going to discuss in this article. First of all, the age of the collection account will determine how to have it deleted from your credit report.
If the collection account is fairly recent and the collection company is calling you, the approach you may want to consider may in involve some cash outlay. You see, in most cases the original credit sells the account to a 3rd party collector for a fraction of what you originally owed.
With some strong negotiating skills you can get the collection company to accept a lesser amount than the original total amount, not only that but you can also tell then that you will pay them this money ONLY IF they agree to DELETE the charge-off from your credit report.
And you must get this agreement in writing from one of their reps. This is the first method to have a charge-off deleted from your credit report. It is also important to say that some people try to dispute the charge-off with the credit bureaus, if the account cannot be verified it has to be removed by law but most recent charge-off accounts can be verified, it may still be worth giving it a try.
The next method applies if the charge-off has been on your credit report for a longer period of time, usually a few years. With this type of charge-off, a letter to the credit bureaus disputing the charge-off may be effective here. A lot of collection companies are disorganized and will not be able to verify the account once you begin the dispute process.