Settling a charged-off debt?
Settling a charged-off debt?
Don’t expect instant credit score boosts here’s why
When you settle a debt in collections or charge-off status, most creditors won’t update your credit report until it’s fully paid off even if you’re making monthly payments. That means:
❌ The account stays marked “charged off” and your score may not improve during the payment period.
✅ But once the balance hits $0, your score can go up and you may even be able to dispute it to clean up your report!
If you’re in the process of settling, don’t get discouraged. Be patient, stay on track, and always follow up to make sure your credit report reflects your progress.
#GotCredit #CreditRepairTips #ChargedOffDebt #FixYourCredit #FinancialFacts #CreditEducation #thecreditdude #gotcreditedu
Видео Settling a charged-off debt? канала Got Credit?
Don’t expect instant credit score boosts here’s why
When you settle a debt in collections or charge-off status, most creditors won’t update your credit report until it’s fully paid off even if you’re making monthly payments. That means:
❌ The account stays marked “charged off” and your score may not improve during the payment period.
✅ But once the balance hits $0, your score can go up and you may even be able to dispute it to clean up your report!
If you’re in the process of settling, don’t get discouraged. Be patient, stay on track, and always follow up to make sure your credit report reflects your progress.
#GotCredit #CreditRepairTips #ChargedOffDebt #FixYourCredit #FinancialFacts #CreditEducation #thecreditdude #gotcreditedu
Видео Settling a charged-off debt? канала Got Credit?
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2 июня 2025 г. 19:17:27
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