charge-off accounts
Date: Mon, 01/23/2006 - 12:01
d1hamp33 A paid charged off account will be shown as 'paid ch
d1hamp33
A paid charged off account will be shown as 'paid charged off' in your CR. Though the negative information will remain in your file, but it will still be better to see your credit scores increasing with a 'paid charged off' status.
If you use a settlement program to pay a charged off account, your efforts won't matter much here. The efforts that you will apply to repair the damage will be very light in front of the damage that the settlement program will do with its status 'settled' in your CR. You won't gain anything with this program. Perhaps, you will lose some scores additionally in spite of the repair from your side.
If you use a consolidation program to pay off the debt, it will be shown in your CR. This won't hurt your scores in anyway except for the fact that you will be paying higher rates of interest to your new lenders. But the charged off will get paid by using this program and your credit scores will also go up.
Conclusively, you have the best option to pay it on your own and see the maximum increase in your credit scores. Otherwise, opt for a consolidation program to see your credit at a better situation. Using a settlement program will not be the good decision for your credit.
