Charged Off Accounts
Unpaid charged off accounts, collection accounts or an auto repossession can update and report every month and continue to suppress your credit scores. It is possible to challenge these accounts for accuracy with the credit reporting agencies; however, just know that if they are removed from your credit reports that there is a good chance they could return in the future. As well, if they are verified (by the collection company or creditor) they will also remain on the credit report.
Also know that if an unpaid account is removed from the credit report due to inaccurate information or it could not be verified; this does not free you from the debt. The collection company or creditor can still attempt to collect the debt.
This is why we highly recommend that you pay this type of account (settle for a lesser amount if possible). This can help increase the chance that the account will not return to the credit report if removed. It also eliminates any possibility of the collection company or creditor taking legal action (Judgement and/or wage garnishment) against you.