A “Sample Letter To Remove Paid Charge-Off From Credit Report” is a request to a creditor. It asks them to remove a paid charge-off from your credit report. You might need this letter if you’ve paid off an old debt. A paid charge-off can still hurt your credit score.
Want to boost your credit score? We’ve got you covered. This article provides sample letters. Use them to request the removal of paid charge-offs.
Ready to take action? Explore our letter templates below. Tailor them to your specific situation. Start improving your credit today.
Sample Letter To Remove Paid Charge-Off From Credit Report
[Your Name]
[Your Address]
[Your City, State, Zip Code]
[Your Email Address]
[Your Phone Number]
[Date]
[Credit Bureau Name]
[Credit Bureau Address]
[Credit Bureau City, State, Zip Code]
Subject: Request for Removal of Paid Charge-Off – Account Number [Account Number]
Dear [Credit Bureau Name],
I am writing to request the removal of a paid charge-off listed on my credit report. The account in question is with [Original Creditor Name] and has the account number [Account Number].
I understand that this account was previously listed as a charge-off. However, I have since fulfilled my obligation and paid the outstanding balance in full on [Date of Payment].
While I acknowledge the past delinquency, I believe that the continued presence of this paid charge-off is negatively impacting my credit score and does not accurately reflect my current creditworthiness.
I am requesting that you remove this paid charge-off from my credit report. I have attached a copy of [Proof of Payment, e.g., bank statement, canceled check, or letter from the creditor confirming payment] as evidence of my payment.
I appreciate your time and consideration in this matter. Please notify me in writing of your decision.
Sincerely,
[Your Signature]
[Your Typed Name]
html
How to Write Letter To Remove Paid Charge-Off From Credit Report
Subject Line: Crafting a Compelling Opening
Your subject line acts as the initial handshake. It needs to be direct but not demanding. Avoid being verbose. A succinct subject line increases the likelihood of your letter being perused promptly.
- Example: Request for Goodwill Deletion – Account [Account Number]
- Or: Request for Removal of Paid Charge-Off – Account [Account Number]
Salutation: Setting a Respectful Tone
Begin with a formal salutation. This shows respect and professionalism, irrespective of any prior frustrating interactions.
- Address the letter to the “Compliance Department” or “Credit Bureau Dispute Department” if you lack a specific contact.
- If you know the name of a specific person, use “Dear Mr./Ms. [Last Name]”.
- Avoid generic greetings like “To Whom It May Concern” unless absolutely necessary.
Introduction: Concisely Stating Your Purpose
The introductory paragraph should immediately state your objective. Be unequivocal and avoid beating around the bush. Clarity is paramount.
- Clearly state that you are requesting a goodwill deletion of a paid charge-off account.
- Include the account number for easy identification.
- Briefly mention the original creditor and date of the charge-off.
- Example: “I am writing to request a goodwill deletion of a paid charge-off reported under account number [Account Number] with [Original Creditor], initially charged off on [Date].”
Body Paragraph 1: Explaining the Circumstances
This section provides context. Briefly explain the circumstances that led to the charge-off, but avoid making excuses. Acknowledge the delinquency and showcase subsequent responsible behavior.
- Acknowledge the past delinquency.
- Provide a concise explanation of the circumstances, focusing on hardship (e.g., job loss, medical emergency).
- Highlight any remedial actions taken to rectify the situation, such as securing new employment or addressing health issues.
Body Paragraph 2: Highlighting Positive Payment History
Emphasize your positive payment history since the charge-off. Demonstrating financial rehabilitation is crucial. Underline your renewed commitment to fiscal responsibility.
- Detail your on-time payments for other accounts.
- Mention any improvements in your credit score since the charge-off.
- Reiterate your dedication to maintaining excellent credit standing moving forward.
The Ask: Clearly Requesting Deletion
This is where you explicitly request the deletion. Frame it as a favor based on your improved financial behavior. Express gratitude in advance for their consideration.
- Politely request the deletion of the charge-off as a gesture of goodwill.
- Explain how the deletion would positively impact your ability to secure future opportunities (e.g., employment, housing).
- Thank them for their time and consideration.
Closing: Ending on a Professional Note
A professional closing reinforces your respectful tone. Ensure your contact information is readily available.
- Use a formal closing such as “Sincerely,” or “Respectfully,”.
- Include your full name, address, phone number, and email address.
- This facilitates easy communication should they require further clarification.
html
Frequently Asked Questions: Removing Paid Charge-Offs
Understanding how to address paid charge-offs on your credit report is crucial for improving your credit score. Here are some frequently asked questions to guide you through the process.
What is a “paid charge-off” and why is it still on my credit report?
A paid charge-off indicates that a debt you previously failed to pay was written off by the creditor but has since been settled. It remains on your credit report because it reflects a past delinquency, impacting your creditworthiness assessment.
Is it possible to remove a paid charge-off from my credit report?
Yes, it’s possible. While not guaranteed, you can attempt to negotiate with the creditor to remove the charge-off in exchange for payment. This is often done via a “pay-for-deletion” agreement.
What should I include in a sample letter to remove a paid charge-off?
Your letter should clearly state the account number, the amount paid, and your request for deletion of the charge-off from your credit report. It should also mention your understanding that the account is now settled.
What if the creditor refuses to remove the charge-off after I’ve paid?
If the creditor refuses deletion despite payment, the paid status is still beneficial, as it shows you’ve resolved the debt. The negative impact lessens over time, especially as the account ages.
How long will a paid charge-off stay on my credit report?
A paid charge-off can remain on your credit report for up to seven years from the date of the original delinquency, even after it’s been paid. Timely payments following resolution will help rebuild your credit.