How long it take credit score to increase after chargeoff/collection is removed?
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If I send the collection company a PFD, how long does it take credit score to improve after charge off/collection is removed? I need to raise my score quickly for a car loan.
tnx
You can’t remove a charge off with a PFD!
You fail to understand the basic concept of a charge off.
When a company that you owe money to fails to collect money from you, after a certain period of time (usually 6 months) that company declares your debt as uncollectible and writes it off (an accounting term). This is naturally reported to the credit bureaus, and a charge-off is logged on your credit report.
Usually, your debt is sold to collection companies for a fraction of the original debt, and then a new collection account appears on your credit report.
Even If the PFD goes well, all the collection company can do is to delete the collection account. It can’t delete the charge off!
The charge of was reported to the credit bureaus by the original creditor, not the collection company. Only the original creditor can remove it, but it has no reason to do so because your debt was sold to others…
You simply don’t stand a chance… PFDs are only good for single entry accounts such as unpaid medical bills, parking tickets etc. Certainly not charge offs.
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