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The term "charge off" is used when a company or creditor clears a persons account due to lack of payment at loss to the company. No further charges can be applied to the account.
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∙ 10y ago
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Can a collection agency sue for a 'charged off' debt?
Yes, the term "charge off" does not render the debt invalid or uncollectible.
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.
Why is a charge off so bad on a credit report?
A charge off is a term that refers to an amount of debt that is unlikely to be paid back. A charge off is then listed on a person's credit report and also on credit bureau reports. A charge off is a bad thing to have because it can make obtaining credit, either secured or unsecured, much more difficult.
Can a company demand payment on an account that has already been stated on your credit report as a charge-off?
Of course. Charge off is simply an accounting term. It is a shortened version of "chraged off to profit and loss". Companies will frequently charge off debts to clear their books. It has no bearing on a consumers' liability. If you did not pay the debt, you still owe, regardless of what it is called. For a consumer, charge off = collection account.
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.
What is the definition of the term 'capacitivive'?
The term "Capacitive" refers to the charge held by an electrical device. The term can also refer to the type of touch screen, they rely on electrical charge from a human body to detect input.
Definition of simple interest?
Simple interest is a term that is used for quickly calculating the interest charge on a loan.
What is the definition of the term 'pinellas'?
The definition of the term 'pinellas' is the name of a long strip of land off the west coast of Florida. The name comes from a Spanish phrase which means 'point of the pines'.
What is the definition of the legal term liens?
The legal term liens is a real estate term that means the owner of a property has a charge placed on it in an attempt of the another party trying to securing the debt owed to them.
Can a collection agency sue for a 'charged off' debt?
Yes, the term "charge off" does not render the debt invalid or uncollectible.
What happens if the creditor does not charge off a debt after a chapter 13?
Charge off is an accounting term referring to entries made on the creditors accounting books. His accounting makes no difference to the debtor.
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.
What is the definition of Labor Charge?
Labor charge is a term used to describe the amount someone has to pay for something being built or worked on. A good example is the amount you pay for your car to be worked on in a shop.
Why is a charge off so bad on a credit report?
A charge off is a term that refers to an amount of debt that is unlikely to be paid back. A charge off is then listed on a person's credit report and also on credit bureau reports. A charge off is a bad thing to have because it can make obtaining credit, either secured or unsecured, much more difficult.
Definition of long-Term Financing?
Definition of long-Term Financing?
Can a company demand payment on an account that has already been stated on your credit report as a charge-off?
Of course. Charge off is simply an accounting term. It is a shortened version of "chraged off to profit and loss". Companies will frequently charge off debts to clear their books. It has no bearing on a consumers' liability. If you did not pay the debt, you still owe, regardless of what it is called. For a consumer, charge off = collection account.
What is the charge on a neutrons?
Neutrons are neutral, and by definition have no charge.
