CHARGE OFF 2022 REMOVAL STEPS | BEST CREDIT CARD CHARGE OFF STEPS - YouTube

let's talk about charge offs and how  to get those removed from your credit  

hi folks welcome back to my channel it's me  jazzy mac and i appreciate all of you that  

have liked and subscribed to my channel i love it  when you guys comment because it really does help  

the channel to grow and it helps the algorithm to  pick up this channel and show it to more people  

so thank you so much for all of your support  now today we're going to talk about charge offs  

as you guys know i have a video that talks about  collections and how to get those collections  

removed and of course i've always got supplemental  materials available for you guys i have templates  

down below for anybody that just kind of  wants that extra guidance in how to write  

those letters that help you to get items removed  from your credit so that's going to be in the  

description box but let's talk about charge offs  now there seems to be a bunch of confusion about  

what charge offs are so generally a charge off is  going to usually be a credit card account that um  

you missed payments on the account got closed  and the creditor which would be you know amex  

it'd be mastercard whoever you had the credit card  with that creditor decided that they're not going  

to get their money from you so they've written  it off they've written it off as just a loss  

so now it's a charge off and that's pretty much  that's the only difference between a charge off  

in a collection the charge off it's been written  off like kind of like from a texas point of view  

or from a business point of view but a collection  is something that has been turned over to a  

collection agency in hopes that the money is going  to be recovered so with a charge off it definitely  

holds the same amount of weight as a collection it  it is just as derogatory and um it is it has that  

negative impact on it um and it's the same you  know sort of thing that you want to get removed as  

soon as possible so if you have a charge off you  can definitely think of it as a collection that  

has been written off by the company does that mean  that you don't technically still owe the money  

your state laws are going to vary on that and how  that's treated but in general for a charge off  

to be removed you either would have to wait the  seven years for it to be removed from the first  

day of delinquency or you can take the quicker  route which is my route the dispute method with  

my templates or you can just watch my other videos  on collections and how to get a collection removed  

but i want to just walk you through the process so  if you see a charge off on your credit what you're  

pretty much going to do is simply look at um first  look at the date that it was first reported now  

obviously if it's been longer than seven years you  need to get it deleted and that's that's simple  

um and we already know that but if it hasn't  been more than seven years you can definitely  

chart you can definitely challenge it and ask for  full validation of that account and the person  

that you would want to get the full validation  from is going to be the credit bureaus now just to  

recap the credit bureaus do not share information  so if you have a charge off that is being reported  

on three different credit reports then you have to  send three different letters to the credit bureaus  

so i want to make sure that we're clear  on that if it's a charge off you're not  

writing a letter to the creditors that is not how  it works because they no longer have the account  

they have sent it over to someone else and  so you want to make sure that the person that  

you dispute with is a person that works at the  credit reporting agencies which is going to be  

experian equifax and transunion so in your letter  you're going to write the account information  

which is going to be the account uh name in  addition to the date that it was first reported  

you can also include the amount and you're  going to simply write in your letter that  

you want to get full validation of this  account including the originally signed  

contracts with your signature and you want to  specify that um and you want to also tell them  

that if they cannot verify the account that  they must remove the account according to  

the fcra laws so we've talked about fcra laws  we've talked about the fdcpa laws we've talked  

about uh what to do if those laws are violated so  i want to make sure that you always include a line  

in your letters about the fcra laws when you're  disputing with the credit bureaus um because it's  

just reminding them that you know you're right  right so once you get that information in your  

letter um the next thing you want to do when  you're mailing those letters please don't use like  

the mail that you know that costs like 50 cents  that's going to get lost in the mail and then it's  

going to be a wasted trip to the post office what  you want to do is make sure that you are using  

signature delivery confirmation yeah it might cost  an extra 10 bucks or so but ten bucks is nothing  

compared to getting something the cost of  getting something removed from your credit  

or the cost of not removing it ten dollars is so  worth it so you never want to just send a letter  

without having that delivery signature  confirmation on it because it's going to  

also be proof that you started a dispute  so whenever you send off that information  

once they receive it at the credit bureaus they  will send you a little card or a little slip in  

the mail you'll get that back in the mail that  shows who signed for it so you always want to  

make a copy of that just in case um they don't  you know correctly you know investigate it or  

do a proper dispute or if it's beyond that 30-day  window that they have to investigate it or dispute  

it you want to have that as evidence in case you  need to send a follow-up letter or if you need to  

file a complaint with the cfpb and so i have a  credit roadmap that kind of guides you through  

what to do if an item comes back verified um and  how important it is to carefully utilize the cfpb  

as we know the cfpb stands for the  consumer finance protection bureau  

and they are like your big brother they are a  consumer protection agency that um regularly  

monitors and investigates not only the credit  reporting bureaus but also the collection agencies  

and other financial institutions anybody that  deals with money um they are kind of like the  

overseer that makes sure that consumers are not  being taken advantage of so that's why it's so  

important to to know what the cfpb is and  to know um how to file a complaint and um  

what i like what i did in my credit templates um  in the package is not only did i put the templates  

in there but i created pretty much a road map  for where to start because you're going to get  

there aren't going to be many different responses  that you'll get from the credit bureaus after the  

investigation is complete you're either going  to get a letter that says it's been verified  

you get a letter that requests additional  information or requests you to uh like verify  

your identity or you're going to get um there's  a verification letter saying that it's verified  

there's the id letter or there's the letter  that says it's been deleted so it's going to  

be one of three options but based on the feedback  that they give you i did map out what you can do  

and how you can respond and how you can use the  cfpb as your point of escalation because sometimes  

credit bureaus are stubborn and they don't  actually do what they're supposed to do to verify  

an account so that's why we have to escalate  that to the cfpb and we have to you know we have  

to be assertive in our consumer rights so just  remember that if you're going to have a charge off  

um and you're going to challenge it that you  need to challenge it with the bureaus if that  

does not work after multiple attempts and they're  not properly investigating it and that's when you  

want to escalate it to the cfpb so i hope that  makes sense um anything that you don't understand  

about that process let me know in the comments  below i'm always happy to answer any questions  

that you guys have um and until then happy  credit building see you in the next video bye