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How to Remove Charged-Off Account From My Credit Report

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  • 02-01-2012, 08:47 AM
    dbansal1983
    How to Remove Charged-Off Account From My Credit Report
    My question involves an auto loan or repossession in the State of: OHIO

    Hi,

    My freind bought a car in 2008 , when he was new to country and asked me to co-sign it with him. The car has been financed by car makers own financial institute.
    But due to recession my freind lost his job and left the country and the car was voluntraily given back to the company and they have auctioned it and put the remaining balance on us and eventually reported as Charge-off account on our credit report. My freind is no longer lives here but I do and it is affecting my credit scores.

    Altough, in my credit report it does mention my responsibility as CO-SIGNER but that doesn't help to reduce it effect any where. I understand that I am equally responsible for repayment as co-signer ,but now I want to remove it and willing to settle it with company , but I just don't want to repay whole amount.

    I want to negotiate it with them to just get it removed from my credit report and they can still keep on my freinds report I don't care.
    Please advise if there are any fail proof ways of doing that? or can I get it removed from my credit report by any means or are there any firms that help to negotiate and reduce the payment and assure that it will removed from my credit report?

    Thanks
  • 02-01-2012, 08:50 AM
    Disagreeable
    Re: How to Remove Charge-Off Account Form My Credit Report
    Paying it off, will get it changed to a paid late status. It will be several years before it disappears.
  • 02-02-2012, 08:33 PM
    Mr. Knowitall
    Re: How to Remove Charged-Off Account From My Credit Report
    You can propose to the company some form of "pay for delete" agreement, but they don't have to agree to remove accurate information from your credit report and many creditors will refuse to enter into that type of agreement. If you do reach an agreement, get it in writing before you pay.
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