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If you are a consumer that still has a balance with the creditor, whether it is an outstanding debt or a charged-off account, read this.  Here are some considerations with charged-off accounts:

  1. Verify the debt: If the account has been charged off, it’s important to verify the accuracy of the debt. Request validation of the debt from the creditor to ensure that it is legitimate and accurate.
  2. Negotiate a settlement: With a charged-off account, you may have an opportunity to negotiate a settlement with the creditor. They may be willing to accept a reduced amount as a full payment. Make sure to get any settlement agreement in writing before making any payments.
  3. Rebuilding credit: After settling the charged-off account, focus on rebuilding credit by following the steps mentioned earlier. Establish a budget, make timely payments on current debts, consider a secured credit card, and monitor credit reports for accuracy.


It’s important to note that charged-off accounts can remain on credit reports for up to seven years from the date of the first missed payment. However, as time passes and positive credit behavior is demonstrated, the impact of the charged-off account on credit scores will diminish.

For personalized advice and guidance specific to your situation, call us at 954-833-1135. We can provide tailored recommendations based on the details of your charged-off account and overall financial circumstances.