Paid Charge Off On Credit Report

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Can A Paid Charged Off Account Be Removed From The Report

Deals6 hours ago Charged Off Accounts Not Removed Once Paid. Paying off a charged off account does not remove it immediately from your credit report. Instead, the creditor will update the account payment status to reflect "paid charge-off." Remember, your credit report is a credit history.

Link: https://www.experian.com/blogs/ask-experian/can-paid-charged-off-account-be-removed-from-report/

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Paid Chargeoff: Why Is It Back On My Credit Report

Deals9 hours ago This means the account would normally drop off your credit report in 2021, or in about the next two years. Unless the original creditor had the charge-off removed by changing the reporting status to “paid as agreed” in return for your payment or to keep you as a customer or both, you should expect to see the charge-off on your report until it ages off.

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Link: https://www.creditcards.com/credit-card-news/paid-charge-off-reappeared-on-credit-report/

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What Does “Charge Off” Mean On Credit Report Experian

DealsJust Now If you pay the account, the status will reflect as a "paid charge-off." How Long Does a Charge Off Remain on a Credit Report? The charged off account will remain on the credit report for seven years from the original delinquency date of the account, which is the date of the first missed payment that led to the charged-off status.

Link: https://www.experian.com/blogs/ask-experian/what-does-charge-off-mean/

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Steps To Remove A ChargeOff From Your Credit Report US …

Deals7 hours ago A charge-off is when you've stopped paying off a debt and the creditor records your account as a lost cause. It's rare to have creditors or credit reporting agencies remove a charge-off from your credit report. You can either pay the charged-off account in full or settle the debt. The steps for negotiating a charge-off settlement include:

Link: https://creditcards.usnews.com/articles/steps-to-remove-a-charge-off-on-a-credit-report

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How To Remove A ChargeOff From Your Credit Report

Deals4 hours ago Sending a pay for delete letter is another way to negotiate a charge-off removal. The letter essentially asks the creditor to remove the account from your credit report in exchange for full payment. The key to a successful pay for delete letter is getting it in the right hands.

Link: https://www.thebalance.com/how-to-remove-a-charge-off-from-your-credit-report-960360

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Paid A Chargedoff Debt; Now What? CreditCards.com

Deals6 hours ago If the charge-off is still there, file a dispute. If the credit report continues to show a balance, the consumer should initiate a dispute with the credit bureau that shows the error, Christensen said. Be able to prove that you paid. Lynch strongly recommends holding on to …

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Link: https://www.creditcards.com/credit-card-news/paid-charged-off-debt-now-what/

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How To Remove A Paid Charge Off From Credit Report

Deals9 hours ago As for your question, of course they do. Lenders take everything into account: credit age, amount of debt, number of accounts with balances, number of inquiries, late payments, charge offs (both paid and unpaid), collections, presence of BK, income, etc. Last App: 05/30/2021. Capital One Auto Refinance Loan.

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Link: https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/How-to-remove-a-paid-charge-off-from-credit-report/td-p/6154242

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Remove Paid Collections From Your Credit Report Credit.com

Deals2 hours ago Ask the credit bureau to remove it from your credit report using a dispute letter. If a collector keeps a debt on your credit report longer than seven years, you can dispute the debt and request it be removed. This is especially true if you have proof of the start of the delinquency.

Link: https://www.credit.com/credit-reports/removing-collection-accounts-from-your-credit-reports/

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Is A ChargeOff Purchased By Another Lender Considered Paid?

Deals7 hours ago Lenders “charge-off” those debts after they go unpaid for a while, but your original lender can recover a portion of the balance you owe by selling your charge-off to another company. It still won't be considered paid, for credit reporting purposes, until you actually settle what you owe.

Link: https://pocketsense.com/chargeoff-another-lender-considered-paid-8366272.html

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Sample ChargeOff Letter How To Remove A ChargeOff

Deals2 hours ago The charge-off status comes off your report; The charge-off status is changed to “paid” or “closed.” The charge-off is changed to “settled.” There are some tips to consider before you write your letter: Communicate directly with the original creditor. They are the only ones who can …

Link: https://www.fiscaltiger.com/how-to-remove-a-charge-off-from-your-credit-report-sample-letter-and-tips/

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Charge Offs And Credit Scores: What's The Impact? Credit.com

DealsJust Now Charge offs can stay on your credit report for up to seven years. The older an item is on your credit report, the less impact it has on your score. That means you can raise your score even after a charge off if you manage finances and credit responsibly going forward. However, an unpaid charge off still looks bad to potential creditors and can

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Link: https://www.credit.com/blog/how-much-charge-offs-affect-credit-scores/

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What Is A ChargeOff And How Do I Pay It Off? Credit Karma

Deals3 hours ago A charge-off and a write-off are the same thing: A creditor decides you probably won’t pay back the debt and stops you from making additional charges on the account after your account has become seriously delinquent. This can have a negative effect on your credit. On the other hand, a “transfer” can be neutral.

Link: https://www.creditkarma.com/credit-cards/i/what-is-a-charge-off

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Charge Off FAQs Equifax®

Deals3 hours ago Yes, though it will show as a paid charge-off or paid collection when reported as paid by the lender, the collection agency or the debt buyer. If you pay the charge-off or collection before the seven-year period is up, it remains on credit reports but may have less of a negative impact on

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Link: https://www.equifax.com/personal/education/credit/report/charge-offs-faq/

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(From Credit Experts) How To "Remove ChargeOffs" Yourself

Deals1 hours ago A charge-off is one of the most harmful credit report entries, short of a bankruptcy. In fact, charge-offs remain on your credit report for at least seven years from the date they’re recorded — just like a bankruptcy. That’s because a charge-off is essentially a debt the creditor has recorded as “uncollectible” with the credit rating agencies.

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Link: https://www.badcredit.org/from-credit-experts-how-to-remove-charge-offs-yourself/

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How To Remove Charge Offs From Credit Reports Lexington Law

Deals3 hours ago Paid vs unpaid charge-offs. A charge-off will show up on your credit report as either paid or unpaid. When you pay the charge-off in full, it will be updated as “paid” on your credit report. However, paying your charge-off won’t remove it from your credit report and will have a minimal impact on your credit score. Still, future lenders

Link: https://www.lexingtonlaw.com/education/how-to-remove-charge-off

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Settled In Full Or Paid In Full? Which Is Best For Credit

DealsJust Now Most credit reports that consumers pull from the internet do not show the rating on the account as a Residential Mortgage credit report does. The rating system rates the account at various stages through the collection process. The #1 shows the account current and the the #9 shows that the account is in charge-off / …

Link: https://txclf.com/settled-in-full-or-paid-in-full/

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How Does A Charge Off Affect Your Credit Report

Deals4 hours ago Usually, creditors charge off a debt about six months after you stop making payments on the account.

Link: https://www.knowyourcreditscore.net/how-does-a-charge-off-affect-your-credit-report/

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Your Complete Guide To Dealing With Collections And Charge

Deals3 hours ago In fact, when I was in the process of repairing my own credit years ago, my FICO® Score reached 700 -- about average credit-- before my last charge-off dropped off. Don't get discouraged

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Link: https://www.fool.com/the-ascent/banks/articles/your-complete-guide-to-dealing-with-collections-and-charge-offs-on-your-credit-report/

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How To Buy A House With A ChargeOff On My Credit Report

Deals4 hours ago A charge-off is a notation on your credit report indicating that the original lender has written off the charge as unlikely to ever be paid. An account that is 120 to 180 days past due usually

Link: https://homeguides.sfgate.com/buy-house-chargeoff-credit-report-52221.html

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What Is A Chargeoff? Santander Consumer USA

Deals8 hours ago Once the charge-off balance is paid, the account will report as “account paid in full, was a charge-off.” A charge-off stays on your credit report for seven years after the date the account first went delinquent. Paid charge-offs are still considered derogatory entries on your credit report, but some lenders may view them as less negative

Link: https://santanderconsumerusa.com/blog/what-is-a-charge-off

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What Is A ChargeOff? Equifax Canada

Deals6 hours ago Yes, though it will show as a paid charge-off or paid collection when the lender, collection agency or debt buyer reports it as paid to credit bureaus. If you pay the charge-off or collection before the 6-year period is up, it remains on credit reports but may have less of a negative impact on

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Link: https://www.consumer.equifax.ca/personal/education/credit-report/what-is-a-charge-off/

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Sample Letters To Creditors Credit Help For Bad Credit

Deals6 hours ago Getting a “charge-off” or “seriously past due” notation removed from your credit report can help your credit score immediately. Usually, you’ll need to negotiate a payment or debt settlement of some kind, using your payment as an incentive for the creditor to remove the “charge-off” or “seriously past due” status.

Link: https://bettercreditblog.org/sample-negotiation-letters/

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How To Remove Items From Your Credit Report In 2021 Money

Deals5 hours ago A charge-off happens when the original creditor has given up on you paying your debt, and they “charge off” your account. This could cause a credit score drop of 100 points or more in some cases. Charge-offs stay on record for seven years. Repossessions

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Link: https://money.com/get-items-removed-from-credit-report/

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Getting Debt Collectors To Remove Negative Information

DealsJust Now The Debt Is Then Charged Off or Sold to Collections. Then, the creditor is likely to charge off the debt. Its status will be changed to "charged off" and "sold to collections." "Charged off" and "sold to collections" are both considered a final status. Although the account is no longer active, it stays on your credit report.

Link: https://www.nolo.com/legal-encyclopedia/getting-debt-collectors-remove-negative-information-from-your-credit-report.html

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What Does Charged Off As Bad Debt Mean? Credit.org

Deals1 hours ago This notation stays on your credit report for seven years, starting from the date of the last scheduled payment you didn’t make. Paying the charged-off amount will not remove the notation from your credit report. Instead, the notation will be changed to “charged-off paid” or “charged-off settled.” This notation will remain on your

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Link: https://credit.org/blog/what-is-a-charged-off-debt/

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What Is A Charge Off? CreditRepair.com

DealsJust Now A charge-off will stay on your credit report for seven years—whether you pay off the debt or not. This doesn’t mean you should just live with the debt and wait for the mark to fall off your credit report. You’re still responsible for paying it, and avoiding it poses serious risks to …

Link: https://www.creditrepair.com/education/counseling/charge-off

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How To Remove ChargeOffs From Your Credit Report

Deals6 hours ago A newly incurred charge-off is an account that impacts the score very negatively, in cases where it is the only negative account on the credit report, a perfect credit score may be reduced by as much as 100 points.In this scenario, a consumer may see their pre-existing credit line limits cut, when his/her creditors access the account for an annual review and see a charge-off on a credit report.

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Link: https://imaxcredit.com/remove-charge-offs-credit-report/

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How To Remove Chargeoffs From Your Credit Report

Deals6 hours ago Send a Pay for Delete Letter. You can also write what is known as a pay-for-delete letter to the creditor in an attempt to get charge-offs removed from your credit reports. In this letter, you state that you are willing to pay the debt in exchange to have it deleted from your credit report.

Link: https://creditrepaircompanies.com/charge-offs/

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How To Buy A House With A ChargeOff On My Credit Report

Deals4 hours ago A charge off on your credit report indicates that you failed to pay a debt as agreed. This is a negative for potential lenders, who see you as a credit risk. You can minimize the negative affects of a charge off. Steps include paying off the original debt and explaining what happened.

Link: https://budgeting.thenest.com/buy-house-chargeoff-credit-report-24953.html

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How To Remove A Charge Off From Your Credit Report Observer

Deals6 hours ago The credit reporting agencies must remove the charge off from your credit report after seven years from the date. It might be possible, using one of the methods above, to remove the charge off early.

Link: https://observer.com/2021/01/remove-charge-off-from-credit-report/

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How To Remove Your Settled Accounts From A Credit Report

Deals9 hours ago After finding a way to pay in full or at least some, the lender should remove the account from your credit report. Keep in mind the negative effects of the account will be removed since it is considered to be paid, but the ragged payment history will still be available on your account.

Link: https://alleviatefinancial.com/debt-settlement/how-to-remove-settled-accounts-from-a-credit-report/

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How To Settle Debt & Remove It From Your Credit Report

Deals8 hours ago Paying off a collection account also doesn’t remove it from your credit report. The now paid collection item stays on your report for seven years from the time your account becomes delinquent. This is called the “original delinquency date,” which is the date of your first late payment in a series.

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Link: https://www.helloresolve.com/debt-settlement/how-to-settle-debt-remove-it-from-your-credit-report/

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B35.309, DU Credit Report Analysis (12/04/2019)

Deals3 hours ago A borrower’s account was referred for collection by the creditor. Subsequently, the borrower paid off the account, but the pay-off was not reported on the tradeline. Underwriting when the Credit Report Contains Inaccurate Mortgage Delinquency Information. When DU identifies a charge-off on a mortgage tradeline, the lender must

Link: https://selling-guide.fanniemae.com/Selling-Guide/Origination-thru-Closing/Subpart-B3-Underwriting-Borrowers/Chapter-B3-5-Credit-Assessment/Section-B3-5-3-Traditional-Credit-History/1032994361/B3-5-3-09-DU-Credit-Report-Analysis-12-04-2019.htm

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Profit And Loss Write Off On A Credit Bureau Report

Deals9 hours ago When they take a write off for the unpaid balance of debt, they reflect this fact on your credit report. There are a few ways that a profit and loss write off on credit bureau report may show up: the debt may say "charged off" or "uncollected bad debt" or any number of different things all of which essentially mean the same thing.

Link: https://business.lovetoknow.com/business-money-management-financial-know-how/profit-loss-write-off-credit-bureau-report

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How You Dispute Old Debt Collection Items Off Your Credit

Deals1 hours ago I have a charge off in 2006 for a vehicle I returned to credit union that is still on my credit report. I just bought a car recently. Any bad credit I have had was prior 2006 and I haven't bought anything until 2015.

Link: https://consumerrecoverynetwork.com/question/dispute-old-debt-collector-from-credit-report/

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Can You Get A Car Loan With A ChargeOff On Your Credit

Deals2 hours ago A charge-off stays on your credit reports for up to seven years from the date of the first missed payment, and lowers your credit score. If you have a charge-off listed on your credit reports, you aren’t automatically disqualified from getting a car loan, you just need to find the right dealership.

Link: https://www.autocreditexpress.com/blog/can-you-get-a-car-loan-with-a-charge-off-on-your-credit-report/

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Never Pay Collections Or Charge Offs YouTube

Deals3 hours ago Subscribe to our channel https://www.youtube.com/mrmoneysavvy?sub_confirmation=1 Need help with your credit? Register for my free online training https://www

Link: https://www.youtube.com/watch?v=1PK6gz4M_Qg

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Will An Old Charge Off Impact My Standing With The Same

DealsJust Now r/CreditCards. A subreddit for discussing any aspect of credit cards. It is important to pay them in full and on time. Please ask questions and contribute to the knowledge surrounding credit cards. 519k. Members. 772. Online. Created Sep 14, 2008.

Link: https://www.reddit.com/r/CreditCards/comments/pu1t5p/will_an_old_charge_off_impact_my_standing_with/

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Difference Between Debt Settlement And Debt ChargeOff

Deals9 hours ago When dealing with settlements, charge-offs, and late credit card bill payments, remember: If you settle a debt after the credit card company has charged off the debt, you will not get the collection removed from your credit report. So settling a debt too late will not help improve the debt's adverse effect on your credit report.

Link: https://www.debtsettlementlawyers.com/resources/debt-settlement/debt-negotiation/difference-between-debt-settlement-debt-charge-o

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ChargeOffs: How They Work And How They Affect Your Credit

Deals3 hours ago A credit bureau can only leave a charge-off on your credit report for seven years when it follows the rules. If the account contains incorrect information (e.g., wrong dates, wrong balance details, etc.) or if anything about the account looks suspicious, you can ask a credit bureau to investigate.

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Link: https://www.creditcardinsider.com/blog/charge-offs-how-they-work-how-they-affect-your-credit/

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Credit Card ChargeOff Capital One

Deals8 hours ago The exact impact of how that affects your credit score depends on other factors beyond just a credit card charge-off. Keep an eye on your credit report to track your status and check for errors. You can get free copies of your credit reports from each of the three major credit bureaus by visiting AnnualCreditReport.com .

Link: https://www.capitalone.com/learn-grow/money-management/credit-card-charge-off/

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How To Dispute A Charge Off: 9 Steps (with Pictures) WikiHow

Deals4 hours ago A "charge-off" on your credit report means that your creditor has written off your unpaid debt to get a tax deduction. This is a very negative mark on your credit score, and will remain on your report for up to …

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1. Get a copy of your credit report. According to the Federal Trade Commission, 5% of consumers have errors in their credit profiles. Order a copy of your credit report to see if a charge-off appears that does not belong there. The three nationwide credit reporting agencies (Experian, Equifax, and TransUnion) created a central site for the purpose of providing free annual credit reports to comply with the requirements of the Fair Credit Reporting Act. Visit http://annualcreditreport.com to order your credit report online.
2. Call the creditor. If a charge-off appears on your credit report and you do not think it should be there, either because you paid off the debt or made at least the minimum payment within the last six months, call the creditor. Explain that the debt should not have been charged off due to the payment(s) you made. If the creditor admits to its error, request that it contact the credit reporting agencies to have the charge-off removed. Ask the creditor to send you a written confirmation when the charge-off has been removed from your profile. Always deal with the original creditor, even if the creditor sold the debt to a collection agency. A collector has no control over what the original creditor reports to the credit reporting agencies.
3. Dispute the charge-off with a reporting agency. When you submit a dispute to a credit reporting agency, the agency will contact the creditor to request proof of the accuracy of the debt the creditor reported. The agency has 30 days to investigate the dispute by contacting the creditor and requesting proof of the validity of the charge-off. If the creditor does not respond or cannot prove the validity of the debt, the agency will remove the charge-off from your report. You can submit a dispute online with any of the three nationwide credit reporting agencies by visiting: Equifax: https://www.equifax.com/personal/credit-report-services/credit-dispute/ Experian: http://www.experian.com/disputes/main.html TransUnion: http://www.transunion.com/corporate/personal/creditDisputes.page
4. Wait for a response. After the agency completes the investigation, if the agency took any action to change your credit profile, then agency will send you written confirmation of the results, as well as a free copy of your credit report.

Link: https://www.wikihow.com/Dispute-a-Charge-Off

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FAQ about Paid Charge Off On Credit Report

What is a charge off mean on my credit report?

6 Facts - Credit Report Charge Off Meaning & How to Remove It A Charge Off Means Your Debt is Overdue. Despite what its name may imply, a charged off account doesn't actually go anywhere. ... The Original Creditor May Not Own Your Charged Off Debt. Once an account has been marked a charge off, the original creditor generally wants little to do with it. You Are Still Responsible for the Delinquent Debt. ... More items...

How do you get charge off your credit report?

When the creditor agrees to remove the charge-off from your credit report, get the agreement in writing. You can do this in one of two ways: Have the person you spoke with fax you a copy of the agreement on company letterhead. Alternatively, get the name, mailing address, and phone number of the person you spoke with.

How long do charge offs stay on your credit report?

The short answer is: A charge-off stays on your credit report for seven years from the date of the last delinquency, as dictated by the Fair Credit Reporting Act, or FCRA.

How to get paid collections off of credit report?

It Isn't Always Easy

  1. Do Your Research Keep track of your collection account by getting copies of all your credit reports. ...
  2. Choose a Plan of Action You've checked your credit report and gathered all the details on that collections account. Now it's time to decide what to do about it. ...
  3. Don't Be Afraid to Wait

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