Credit Reports

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


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2005-09-26 16:42:41
2005-09-26 16:42:41

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.

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A credit report will show that an account is either active or settled. If the account is settled, it means that it has been paid and is closed.

Open Account - account listed as "open" on your credit report are accounts that are open, includes all accounts that have been reported within the last 90 days.

Yes. You have to check your state's statute of limitations. The time of the state's SOL for collecting on debts and the federal SOL on credit reports may be two totally different time limits.

The/Your account is legitimate. Whatever has been reported to the credit bureau's it has been verified as valid.

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.

it means that your account is no longer over due its 90 days past due in which usually it goes to charge off status on your credit report which will tell who ever is looking at your credit report that you chose not to pay the bill that's what it means

that it has been closed by either you or the company- either way it shows as a negative in your report

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

If a credit card account has an outstanding balance that is defaulted on, the account will not be closed. The account will be charged to profit and loss, or sent/sold/assigned to collections, either internal or external.

If the account is still open, then contact the company that owns the account. If the account has been closed, then contact the bureau and dispute. The FCRA mandates penalties for those businesses which falsely report data when asked to correct it.

A credit report is a list of your credit accounts with different creditors stating your payment history with them. A credit score is made up of different items on your credit report using an algorithm including payment history, credit length, debt to limit ratio, credit types, and inquiries.A FICO credit report has 5 components that are used to determine your credit score:Payment historyPercentage of available credit in useLength of time (how long each account has gone since the last action, and the age of each account has been open)Amount of new creditVariety of debt

When you check your credit report there are several sections, one is called collections account. You will be able to review collections account directly after judgements, if any are listed on your report.

Get StartedIf you have been denied credit or if other adverse actions regarding your credit have been taken based on your credit report, you may want to obtain a copy of your credit report and verify the information contained in it.The purpose of the Request for a Credit Report letter is to assist you in obtaining a copy of your credit report, particularly if you have been denied credit, employment or insurance within the last 60 days. The credit report tells how you have managed credit in the past and companies examine your credit report before deciding whether to give you new credit. You can request a copy of your credit report by sending a letter to a credit reporting bureau.When you receive your credit report you should carefully review it. You have the right to respond to a negative entry on your report, to have errors corrected, or to have your response made part of your credit report.

I believe credit accounts are not removied from your credit report unless they are not your accounts (fraud) to being with. The credit bureaus should be able to notate that the account has been suspended, cleared, or paid in full with regards to that account. You can also place a message of your own in your credit report that anyone can see when they pull your credit. Also, accounts are not deleted from your credit report until they run their course. It can be 7-10 years depending upon what type of collection account it is.

They are legally obligated to update your credit report when the account is paid off completely. In the meanwhile, if you have been denied credit because the balance is showing higher than it should be, can you request a copy of your credit report (and it will be free) and can dispute the balance. The offending company will have 30 days to answer your dispute or it will be removed from your record.

Any credit is an increase to an account. A debit is a decrease to the account.

Charge-offs remain on your credit report for 7 years. If the account has been included in a bankruptcy, it should be marked as such...."included in bankruptcy". However, according to the Fair Credit Reporting Act, if you dispute the charge-off with the credit bureau and the creditor can not verify the account, it must be removed from your credit report immediately. Only the original creditor or the credit bureaus can remove a charge off, either through negotiations or through the dispute process.

It's all part of your credit history..the good the bad and the ugly. I longer history is generally good.

It depends. If you have been paying this account on time and it is reporting as a positive on your credit and you pay it off, that will be one less positive account reporting to the credit report. If you have too much credit and the amount of credit is making your credit look like you have debt it off. I f you have been late on it, catch the payment up and keep it up so that you can have an account that is reporting positive to your credit reports and start cleaning your credit up.

Since banks rely so heavily on a borrower�s credit score, it is important that you check your credit history report on at least a semi-annual basis. � When checking your credit history report there are several thing that you should look out for.� One of the most important is to ensure that all of the accounts opened are legitimate.� While it is possible that an account could have been added to your report erroneously, there is a chance that the account could be a sign that someone stole your identity.� Because of this you should call the creditor immediately to have the account closed.�

A credit report helps the Fair Credit Reporting Act to include information on where an individual lives, where he lives or if he has been sued. A credit report service can give the person a free credit report to fill in the information and send it.

No, it's the same account and the new creditor is simply taking over the same rights as the original creditor.

A great place to start is your credit report. It will generally list all credit accounts you have had - even if they have been closed - along with the name and address of the account holder.

A repossession that is over seven years old is not supposed to be on your credit report. It is not unusual for a collection agency to illegaly "reage" a debt in order to try to pressure you to pay. From your post it does not appear that you know what is on your credit report. If you have been denied credit then you are entitled to receive one for free. Contact information for the three credit reporting agencies can be found at If this item is actually on your credit report then you can dispute the information and demand verification. Dispute instructions will be included with the report.

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