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Is it true that after 3 years card companies and medical offices will write off any balance you owe if it is not 3 years then what is it?
Wiki User
∙ 19y ago
After a specified period of time, which is different for each creditor. The creditor may perform what is known as a "charge off." The reason being, the creditor can then use that account for the purpose of their tax loss write off. The account will probably be sold to a third party collector who will initiate collection proceedings. Including phone and mail contact and legal remedies.
Wiki User
∙ 19y ago
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