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How do I get a charge-off removed as part of the debt settlement process? |
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First, you will need to do this before the account goes to an outside collection company. Once it has been assigned to a third party, you will need to either negotiate with the debt collector, or force them to retire the debt back to the original creditor by using the methods discussed in our course and on the forum. Generally, you make the creditor or collector a settlement offer, and deletion of the item is mandatory as part of the settlement. If they won't agree to this, ask them to agree not to verify the item (once paid) if the credit bureaus requests verification. Always get this in writing. In either case, paid derogatory accounts are not the end of the world. As long as they're paid, you can still build your score through the roof.
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