Credit Card Debt Charge Off Letter

Do It Yourself Credit Repair

Credit Secrets is an easy to follow manual that shows you the loop holes and details regarding fixing bad credit, removing negative items that are on your credit report, and adding the elements you want creditors to know about. If you've had late payments, repossession, or even filed bankruptcy, this guide is your ticket to getting your credit report back on track.

You'll learn everything you need to know to repair your own credit, including:

• The Inside Secrets of Credit Repair
• Six Credit Card Secrets Banks Don't Want You to Know
• How to Establish AAA Credit in 30 Days
• What to Do to Stop Collection Agencies in Their Tracks!
• How to Wipe Out Debts WITHOUT Bankruptcy
• Guerrilla Tactics that will Give You a Good Credit Rating
• How to Dispute Credit Report Errors
• Sample Credit Repair Letters

Get on the right track to Credit Repair today.

What Credit Cards do I Qualify For?

Free Credit Search is a completely FREE web-based resource for credit card seekers. We provide real-time unbiased information to help you make informed decisions about your credit. By filling out our credit profile you can find out which banks will approve you BEFORE applying!

All information submitted on the application profile will be used to conduct a search of lending institutions which are willing to issue you a credit card(s) based upon your current credit, income and employment.

You must be 18 years of age or older and a citizen or permanent legal resident of the United States with a verifiable permanent U.S. home address and a valid social security number. You must reside within the continental United States including Hawaii and Alaska.

When you use our service, you will receive FREE results with the following information:

Your no obligation FREE results will be available within minutes of submitting your application. We will not pull a credit report to complete this search. Your results will be emailed directly to you after your search is complete.

What are Charge-Offs?

Charge-offs are non-paying loans or credit accounts that have been written off as losses. Merchants report the charge-offs to the credit bureaus.

To recover some costs, merchants typically sell these delinquent accounts to collection agencies. The collection agency pays the merchant a fraction of the value of your debt--usually about half of what you owe.

The collection agency then attempts to collect more than they paid for the account. The merchant no longer has an interest in the debt.

Once you pay a collection agency there is no incentive for the merchant to report your payment to the credit bureau.

If you can pay the entire balance, it is often to your benefit to pay the merchant directly. You can then contact the credit bureau to investigate the negative item. The credit bureau will contact the merchant. With a positive response from the merchant the credit bureau will remove the negative charge-off from your record.

You can often negotiate with a merchant to pay a major portion of your account and have them consider the account paid. Tell the merchant your honest financial situation and that you really want to pay what you can. If the merchant agrees, be sure the have the merchant report your account as "Paid as agreed" to the credit bureaus. Even statements such as "Paid" or "Settled" will go a long way on your credit report.

Even without your effort, charge-offs are typically dropped from credit reports after 6 or 7 years.

Credit Report Scores - Computing Then

Your credit report scores are based on factors that appear in your credit reports:

• Bill payment history (Good: on time and for the full amount)
• Total outstanding debt (Good: non-mortgage loan payments less than 5% of gross income)
• Types of debt (Good: mortgage, car loans, Bad: high credit card debt)
• Length of credit history (Good: 3 or more years of on time payments)
• Credit inqueries (Bad: many rejected applications)

The Equal Credit Opportunity Act (ECOA) prohibits certain factors from being used in determining your credit report score:

• Personal details such as sex, marital status, age, race, national origin, or because you receive public assistance income
• Sources of income such as regular alimony, child support, or separate maintenance payments

The Equal Credit Opportunity Act provides actions for you to take if suspect unauthorized factors are being used to deny you credit.

If you've found this site useful, please link to it so that others can benefit. Use the following in your link:

Link text:	Credit Report Scores - See and Improve Them
Description:	Credit report scores affect your ability to get a loan, buy a home, and even get a job. Find out how to see and improve your score.
Link to:	http://www.credit-report-scores.us