credit reportThe credit reporting agencies and lenders, in the last few years, have picked up a new trick designed to hurt you.  They are turning single charge offs into multiple charge offs.  They take a singular charge off and report it month after month…and its killing your credit score.

How?   Your credit score is effected much more negatively by a fresh derogatory item than by one that has aged.  Heck, even someone with a bankruptcy on their credit report, can get credit a few years later because the negative effect of the derogatory on one’s credit score lessens over time.  Not so with a multiple charge off.  A charge off that is reported month after month is a fresh assault on your credit score every month…..and its just wrong.

Why are the credit reporting agencies and the creditors doing this?  Credit reporting is a form of debt collection.  My theory is that by holding your credit score hostage for the 7 years that they are allowed to report it, chances of you paying that debt have increased substantially.  If you don’t pay off the multiple charge off, your only other choices are to wait for the item to drop off your credit report or to sue the credit reporting agencies and the lender.

We have been doing the latter.  We have successfully sued the credit reporting agencies and lenders who have placed multiple charge offs or multiple collections on people’s credit reports.  We have forced them to not only pay damages, but remove the offending trade line.  We have several more of these lawsuits.

Moral of the story:  If you have one charge off on your credit report, its probably reporting every month.  Lets us get it removed from your credit report and watch your credit score rise.  Our services costs you nothing as we charge the defendants for our fees and costs.

If you have issues with your credit reporting including multiple charge offs, call us at Michigan Consumer Credit Lawyers, for a free consultation at (248) 353-2882.  We fix errors and mistakes on crdit reports at no charge to our clients.  We charge our fees and costs to the credit reporting agencies.