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You just received a notice on a credit card indicating that it was in the process of being charged off and was urged to make payment arrangements-- What exactly does this mean?
Wiki User
∙ 19y ago
Within a 180 days of default a creditor must charge off the account. After which the account is sent to a collections agency who then follows established collection procedures. These are generally implemented in the form of letters and/or phone calls to the debtor. Collection agencies are obligated to conform to FDCPA regulations whereas original creditors are not. If suitable payment arrangements are not made, the agency that "buys" the account may decide to pursue legal alternatives.
Wiki User
∙ 19y ago
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How can your boyfriend improve his credit rating if he has a few unresolved collection debts and small unpaid debts from years back?
He needs to make arrangements to pay them off. If he can't pay them off in a lump payment, he needs to inquire as to whether the company will make payment arrangements with him. If so, advise him to get it in writing and then follow the agreement exactly as it was made. This "payment arrangement" of a collection actually will help him on the road to rebuilding his credit rating.
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