I stopped paying my credit card bills and they have been charged off and turned over to collectors. Can credit repair erase these collection accounts?
Credit repair is not about erasing debt or removing accurate information from your credit report. Having said that, it is always worth a close look at your reports to see if there are any reporting errors that need to be corrected. As it happens charged off accounts are one of the most common sources of issues needing credit repair attention.
Errors Arise Regularly
When an account is charged off it is usually turned over to a collector within thirty days. When the collector takes over the account the original creditor should eliminate the past due balance in their reporting. If this is not done it should be addressed with credit report repair. Of additional concern is the handling of the account by the collector. Collectors may report an account thirty days after sending you collection notice, and that is as it should be. The problem arises when the collector re-sells the debt to another collector. The practice is very common and an accepted part of the collection business. The problem arises when the selling collector continues to report the debt after the sale. By law collectors should remove an account upon sale, but as this rarely happen credit repair becomes necessary.
But to get back to your question, we cannot “erase” a legitimate collection account. We can examine your reports to see if there is a need for credit repair. We can also research the statute of limitation on any open collections and advise you of your options. If the account is active and you have received a collection notice we can validate the debt with the collector. This is a powerful credit repair tool. If you are in doubt about any of your options we will be happy to review your reports and advise you accordingly.