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Any creditor/lender may file a lawsuit against a defaulted account at any time. The account need not be designated a charge off nor be reported to credit bureaus before litigation can be pursued. The best choice is for the debtor to seek advice from an attorney who is qualified in creditor and debtor issues (bankruptcy attorney). Most attorneys offer a free or minimal fee consultation to discuss the options. If the debtor chooses not to seek legal advice, he or she should research the laws of their state to discover what personal and real property can be exempted from creditor attachment.

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โˆ™ 2006-04-08 00:23:43
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Q: What can you do if a credit card issuer is planning to sue for an account that was never charged off or reported to the credit bureaus?
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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.


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"


Does an account need to be at least 30 days late before it hits your credit report?

It depends on what type of account you are asking about, whether or not this creditor reports to the credit bureaus and what their standard procedures are. Some creditors report monthly to the credit bureaus, showing the balance and status of your account on the day they update the bureaus via automated system. Other creditor only report when a consumer is at least 30 days past due, or only when an account goes into collection or gets charged off.


A credit card company has reported charged-off as bad debt 3 times in the last 4 months the only account you had with them -- so how do you complain about the extra reports?

You will have to submit a dispute with the credit bureaus which ever one is showing the incorrect information (experian, equifax, and transuion). You can submit it in writing with supporting documents showing the charged-off ( make sure you show the error by circle it) or you can go to their website and submit it.


How do you dispute a closed account that was charged off and sold to another lender?

You can't dispute the fact that it was sold to another lender. you can dispute the account if the information is incorrect. To do that, you have to fill out a form provided by the credit bureaus (TransUnion, Experian or Equifax) or write a dispute letter.


How can i remove charged-off account?

You can remove a charge off by disputing it to the credit bureaus. The credit bureaus will have 30 days to verify the listing or it must be removed from your credit report. So use the Fair Credit Reporting Act to ask for verification on the item in writing and wait for the results to see what happens.


When is the debt reported to the credit bureau?

Normally 30 days after it is sent to a collection agency if you don't ask for validation or 180 days which is considered charged off account.


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.


If an account was charged off and removed from your credit report after 7 years can another company buy the account and place it back on your credit report?

No, it is illegal, and if you are a victim of this, you can have it removed from your credit report by disputing it with the bureaus. After the statute of limitations is up on any trade line, it can not be placed back on your credit report.


How long does charged off credit card debt stay on credit report?

An account is no longer reported after a period of 7 years of inactivity in the USA; 6 years in Canada.


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.


Can a credit card company reopen an investigation on a fraudulent account if it was charged off and then was disputed and now has been deleted from your credit file?

If they have reason to believe the account was reported or disputed fraudulently or that new information has been discovered, they can investigate further.


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If your credit card account was charged off and sold to a collection agency should the credit card company report it as being paid satisfactory or a collection charge off?

Having your credit card or any other account 'charged off' or reported as a 'collection' means that your balence had not been paid satifactory up until that point. If you pay these derogatory accounts after they have been charged off or reported as a collection account, and one should always pay them off, then the company should report the new status to the credit bureaus. (this is something you should keep your eye on to make sure they are following protocal). This however, will not remove the fact that they were charged off or in collection at some point. It will simply show the charge off/ collection as being paid in full. With that being said, once the C/O or Collec. accounts are paid, they will still have a negative effect on your credit score for quite sometime, but will have a much lesser effect than having not been paid off. Also, if a derogatory account is not paid, often the company will report the charge off or collection multiple times for years to come. Each reporting will negativly effect your score and in turn, continue to bring your score down. Contacting the companies that are reporting you to the bureaus, either before they go into collections or after, is always a good idea to keep them from pursuing further action against you.


International association of convention and visitor bureaus definition?

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Can a sold credit card account be collected on if the account is reported as charged off with a zero balance?

It may be zeroed out w/ the orig company because they sold it to the collection people. DO NOT PAY COLLECTION AGENCIES ANYTHING!! google "fair credit act". lots of info


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.


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


Can you still be charged any fees after you close a credit card account?

You can be charged any fees that were applicable to the account when it was still open. Yes, fees and interests will still be applied as long as there is an account balance.


How can you find out if certain creditors have been marked charged off and it's not showing in your credit report?

The only true way to know is either try contacting the creditor or keep a close eye on your credit report. If the account isn't showing on your credit report and you receive no coorespondence from a creditor, it can be very difficult. If you suspect an account is in default of contract and you cannot find information on the account, understand that if it isn't initially reported, the chances of it being reported are not very great.


Are you being charged for this account?

no, WikiAnswers is free to the public


Will you get charged for deleting you Google account?

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Can you get charged for making a fake twitter account?

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What was Nelson Mandela changed for?

Mandela was charged for planning to overthrow the government with violence.