Normally a charged off account means that all collection efforts attempted by the creditor were ignored and the creditor felt that the debt was un collectable. There is always an understandable reason why your car or home was repossessed or foreclosed upon, but the impact on your credit could not be worse.
Charged off accounts are one of the most damaging items that can appear on your credit report and/or profile.
Many consumers live their lives, avoiding credit cards and paying for automobiles with cash from savings.
It is your responsibility to check all three of your credit reports annually to check for inaccurate information.
In the last few years, identity theft has risen to the top of the list.
Something interesting to point out, recent studies have shown that 80% of the consumers that say they "Have no credit", normally have negative items appearing on their credit reports that have stopped them from obtaining credit.
Lenders make credit decisions based on your previous credit experience, no experience, no loan.
This can greatly affect your credit rating and score. This does not mean that we can can approve consumers with limited credit, as stated, we are an A paper loan provider.