If you have a charge off on your credit report, it can negatively impact your credit score and make it difficult to get approved for new loans. Fortunately, there are steps you can take to remove a charge off from your credit report. Lexington Law can help you dispute the items on your credit report and get them removed, so you can start rebuilding your credit today.

What is a charge off and how does it impact your credit score
A charge off is when a creditor deems that a borrower has become delinquent on their debt, and the account will no longer be able to be collected. This negative event can severely impact an individual's credit report, thus making it incredibly difficult to acquire approval for credit products and loans. A charge off makes an individual appear irresponsible with money and usually is accompanied by additional high interest rates should they attempt to gain approval. If a charge off is listed on an individual's credit report, the creditor is likely never going to recover the full amount of money owed and the debt will remain unpaid. It remains on their credit report for seven long years, so it's important to stay mindful of your payments in order to avoid such an incident.

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