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It is up to the discretion of the credit card company. Most companies will charge off a card after 120 days of non payment. You can stop the charge off process by calling customer support and speaking with a CSR. Once a card is charged off you usually can call customer support and get it turned back on for a nominal fee and possibly payments. This varies by card and you will have to call them to find out.

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โˆ™ 2005-11-11 18:17:44
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Q: How do you get an account charged off?
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If your bank account says EFT Charged Off does this mean that the account is closed?

If an account is charged off it is automatically closed. It is listed as uncollectable debt.

Bank account debt collection?

I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed

Are creditors compelled by law to report a settlement account as a charge off?

The account will be reported as "settled in full / was charged off"

Can a credit card company reopen a charged off account?

No, a credit card company will not reopen a charged off account. They may choose to grant you a new line of credit, but this would be rare.

Can a company who bought a charged off account try to collect interest on the account?

Yes, interest and fees are still charged when an account is sent to collections or purchased by a third pary collector.

What does the term DLA mean?

It refers to the "date of last activity" on an account; for example, when the account was charged off.

Can a collection agency increase interest on a charged off account?


Can a collection account be both charged off and past due?


Can you open an account with a bank if you have had a charge off with a past account?

Typically no, once your account gets to the point of charged off, it has been overdrawn for roughly 45 days (give or take). Your name and SSN then get reported to ChexSystems which then notifies every bank of your charged off account. Not many banks want to risk losing their money to you if you've already lost money for another bank. Your best chance to get an account is to go back to the bank your account was charged off, explain what happened, and hope for the best. And next time balance your checkbook... daily.

What does 09P mean on credit report under rating?

This is the rating of your account. A R09 basically means that it is a charged off account.

What does it mean when an account has been charged off on a credit report?

Charged off is a shortened version of "charged off to profit and loss". This is an accounting term which describes actions taken by creditors to avoid showing loss (red ink) on their books. For a consumer, charge off is the same as a collection account. It is a defaulted debt that remains owing until paid in full, at which time it is called a paid charge off.

How many points can one expect to be taken off of their score for a collection account that was charged off?

It varies, but can be a lot.

Can bank of America take money out of my current checking account to pay off a charged off account with them?

It depends if you have the minimum in your account. If you have less then that and are always overdrawn, then I doubt they would take away money.

How does settling a charged off account affect your credit?

It shows as a paid collection. Still a negative thing but shows you did settle account.

Can a collection agency charge interest of 1030 to a charge off account that has been paid down to 700 from 4514 but you missed two months?

The collection company has probably charged interest sincethe day they received the account. The interest rate can differ from state to state on a charged off account. So yes, they can but that amount is not just for two months. You need to ask for a total breakdown on the account and see if the interest charged is correct.

Can a credit card company still continue to charge interest if the debt has been charged off?

Yes, a "charge off" does not indicate that the debt is no longer valid. The creditor has several options on how to collect monies owed after the account has been charged off.

How many times and how often can a collection agency post an account to your credit report as a charge off?

A collection agency cannot charge-off an already charged-off account. The reporting of the STATUS of the account AS a charge-off can be reported every time they update with the credit bureaus. The 'date of status' must be the date of the ORIGINAL charge-off.

Can you repossess a vehicle if it's been charged off on your credit?

Just because the company charged off the account, does not mean that they don't want to be if the car is still assessible...they can repo it. Charged off on your credit means that it is no longer an active paying account..the company took a loss for that amount. A different department, "Profit & Loss" will take over trying to collect any way possible. Sorry.

If an account is charged off but payments are current on the account can a lender repossess collateral?

If payments are current it would not be advantageous for a creditor to charge off an account nor in some cases legal. If there are arrearages on the account that is a different issue, as the account would be considered in default and property that was used to secure the loan could be seized.

Can a creditor keep reporting a charged off account?

That is perfectly legal. The term "charge off" does not mean that the debt is not still valid and fully collectible.

If you settled a charged off account with a collections agency for less than the full amount can they resell the difference to another agency?

Yes unfortunately they can. Companies today want the charged off account money and will sell it to another agency in order to get this. It will show up on your credit report under another you have 2 listings on your credit report for the original account.

What is the best way to get Last Activity Dates to reflect on credit reports versus closed or charged-off dates because there is a big difference in legal reporting time when considering the two?

There is no difference. The DLA indicates the last activity noted, whether it was the last payment made by the debtor or the time the account was charged off. If a debtor makes a payment after an account is charged off, then the 7 year credit report requirement is restarted.

If you have a charge-off written off on your account for a car loan after the 7th year arrives and it is removed off of your credit report can they still repo or require payment on the loan?

Yes you still owe the money. When the account is "charged off" all it means is your account was taken as a loss. They still have the lien on the title and can't repo the unit anytime they want to.

Will the bank keep funds if you attempt to cash a check written by another party at a bank that you have a charged off account?

If the lending agreement has a "set off" clause the bank can legally remove funds from any account the debtor has with their institution (out of state branches included). That being the case, if the debtor deposits funds into an existing account, the bank can seize them without the necessity of a judgment order. --- If you come into the bank just to cash the check as a "non-customer" and you DO NOT disclose that your account is charged off with them, they can't hold the check. Even if you did disclose the charge off, they can't take your check unless you have a lending agreement or another account it can be deposited into. Once an account is charged off, to pay the charge off, you usually have to go through that banks collections department, which isn't inside the branch. My suggestion, if you can pay your charge off, DO IT. It will benefit you later. Chexsystems will show the chargeoff being paid, and most banks will at least CONSIDER an account for you and give you a little more leeway to get you back on track.

What is a charge-off on your credit report?

Charge off is a shortened version of "charged off to profit and loss". This is an internal accounting term for activity creditors take on defaulted accounts. For a consumer's purposes charge off = collection account. This is a defaulted debt that shows as a derogatory account on your credit file.