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Lali | What is a charged off account? |
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 |
 
atmjay
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You have an account that has an outstanding balance and you have quit making payments and the creditor has given up on you. The creditor charges off the account as a loss on their balance sheet. This reports as a negative on your credit report so others that might be considering offering you some account will now pull back and think twice. If another creditor does give you an account, your interest rate will likely be much higher than someone that does not have a charge off.
Once an account is a charged off it will not be removed. The only thing that will change is the adjective in front of it--"unpaid" or "paid".
Most creditors will file a civil action in order to secure a judgment against you that may help them recover the loss. |
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ML
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The account as been written off as a negative on the balance sheet. If you contact the company they will inform you of the company they have sold it off to.
They sell them in bundles for somewhere between a penny to a dime on a dollar for them to collect. The only thing they can do is show the account as paid in full or settled in full on a CBR.
You can also dispute the charge by filling out a report to the 3 major reporting agencies. The company then has 30 days to respond and prove the validity of the item or it is deleted from the report |
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jafnarf
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This is basically that the credit card company has written you of as a loss and are currently not pursuing you for repayment. However, they will continue reporting you to the credit agencies until you repay them or settle the account. |
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Rich B
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If an account is charged off that means the a it has been overdue for a long period of time (depending on the company, but usually 90 days or longer) and reasonable attempts to collect the debt or work out a repayment plan have failed. The company writes it off their books and would report it to credit bureaus as charged off. This will adversely affect your credit. |
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jd
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An account a creditor has written off as "noncollectable." Sometimes these accounts are sold in bundles and a collection company may try to collect on them, but that does not always happen. |
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patticakes
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The lender writes it off as a loss because the loan was not repaid. |
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nickdmd
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Most companies that extend credit have a set period of time allowed for a delinquent account to be collected. Once that period of time has elapsed, the account is "charged off" as uncollectable. This, however, does not necessarily mean that the debt is forgotten or forgiven. There are collection agencies which specialize in skip-tracing and old collections, and they often assume collection reponsibility for the "charged off" accounts of other companies. These agencies pursue delinquent accounts for the purpose of earning commissions on the money collected, and they are very persistent.
A "charged off" account on one's credit record is a very, very bad thing. If a debtor's credit record contains charged off accounts, future creditors can consider the debtor to be a high-risk account, which can mean very high interest rates or no credit extended at all. |
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Brandon H
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Charged of account means that you were delinquent on paying back ans money. The creditor at that my do a charge off account and . The two ways Thai is delt with is buy writing this loss in their taxes or pass it to collection Agencys. |
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Hula Girl
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If you have a charged off account you may be able to settle with the creditor for a lesser amount. This would be better than if they took you to court because if they take you to court you have to pay the whole amount, plus interest, plus court costs. Most will settle with you because some payment is better than none. There is a statute of limitations on collecting these debts. It varies from state to state but most states are 5 years from your last payment. After that date they may no longer take legal action against you. They may still try to collect the debt, but they cannot take you to court, unless that is, they get you to make a payment, since it is 5 years from your last payment. By this time it has already affected your credit so bad that it would probably not be worth it to pay, but if you do, settle with the original debtor, not a collection agency. If you settle with a collection agency a different collection agency could still come after you for the remainder of the debt.
Definitely do not ignore a charge off--call the creditor-they will work with you. |
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lendermark2
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In a nutshell, the lender tried to collect and was not able to for a period of time and basically wrote it off as a loss. It is a NEGATIVE on your credit.
http://www.lendermark.com |
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