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Good day.
If an account has been closed and listed as: Charged off as bad debt Profit and loss write-off. Does it affect my credit score in a negative way. If so , since it still shows a balance, could I offer them a settlement, and if so will that affect my credit score in a negative way?

A charged-off account drops your credit score by 50 - 100 points.

You can try to settle this debt but your credit score won't increase instantly.

Sub: #1 posted on Wed, 02/21/2018 - 12:20

ditchdebt ditchdebt

(Posts: 661 | Credits: 253.26)

It can affect your credit score. If your income is fair, then start saving money and opt for settlement program.

Sub: #2 posted on Wed, 02/21/2018 - 18:59

sanderspatricia29 sanderspatricia29

(Posts: 606 | Credits: 63.61)

Yes, your credit score will drop. You can settle your debts which will be a positive point for you.

Sub: #3 posted on Thu, 02/22/2018 - 19:26

Good Nelly Good Nelly
Industry Expert
(Posts: 2659 | Credits: 531.75)

A charged-off account will affect your credit score by 50 - 100 points. You can opt for settlement but your credit score will increase gradually.

Sub: #4 posted on Tue, 02/27/2018 - 11:28

Barbara Delinsky Barbara Delinsky

(Posts: 264 | Credits: 26.21)

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