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Charged Off Debts

If you are still doubtful on whether or not you should pay your debt, here are some things to consider:

If you are looking for a job, every company that is considering you for employment will do a background check and look at your credit report. Therefore, if you have a charged off debt that hasn’t been paid, you will be seen as an unreliable person, which may result in you being left unemployed.

You may know that an unpaid debt will damage your credit score, but it can do a lot more harm than that. This unpaid charge off will also hurt you when you are renting an apartment or making a major purchase using credit. However, if you are able to pay your debts even after they have been charged off, many will overlook your previous history and appreciate the fact that you paid off the debt eventually.

On the other hand, you need to make sure that the debt is legitimate, that the collection agency has the legal right to collect that debt and is licensed to do so in your State. Keep in mind that paying the debt, for the most part will not positively affect your scores so negotiating with the collection agency for removal of the item from your report in exchange for payment will be very helpful.