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Yes, a creditor can change the date of a charge-off, but this typically occurs only in specific circumstances, such as correcting an error or updating information in compliance with regulations. However, any changes must be accurately reflected in the creditor's records and reported to credit bureaus. It's important for consumers to monitor their credit reports for any discrepancies and dispute inaccuracies if needed.
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What is the difference between pre-charge off and post-charge off accounts?
A pre-charge off is when the creditor is giving the debtor notice that the account is in default and will be sent to collections if a payment agreement is not made by a specified date. Post-charge off is when the account has been sent to collections, sold to a third party creditor or referred to a legal firm for further action.
Can a creditor charge off an account then reopen it?
Yes, a creditor can charge off an account and later reopen it. A charge-off typically occurs when a creditor deems an account uncollectible after a period of non-payment, but the debt still exists. If the debtor later makes a payment or enters into a repayment agreement, the creditor may choose to reopen the account. However, this can vary by creditor and the specific circumstances surrounding the account.
When is a charge off removed?
A charge off will stay on your credit report for 7 years unless removed by the original creditor or the credit bureaus. You can dispute a charge off with the credit bureaus and they must verify it with the original creditor with in 30 days or it must be removed from your credit report.
Can you dispute a charge off account?
No. Once an account has been in default for 180 days, the creditor by law must list it as a charge off.
What are the consumer tax implications from charge off?
The charge off is the declaration by a creditor that an amount of debt is unlikely to be collected. The implication that it increases the consumer tax.
What is the difference between pre-charge off and post-charge off accounts?
A pre-charge off is when the creditor is giving the debtor notice that the account is in default and will be sent to collections if a payment agreement is not made by a specified date. Post-charge off is when the account has been sent to collections, sold to a third party creditor or referred to a legal firm for further action.
Can a creditor remove a charge off?
Yes, a creditor can remove a charge off from your account and your credit reports. Credit bureaus can also delete charge offs from your credit report if they are disputed and not verified.
Can the statute of limitation start when a new creditor gets your old debt?
The statute of Limitations is based on the date of last activity (last payment made by the consumer or the date of charge off).
Can a creditor in Arizona report you as a charge off when you are still making payments on the vehicle?
Only if they actually took the charge off.
When is a charge off removed?
A charge off will stay on your credit report for 7 years unless removed by the original creditor or the credit bureaus. You can dispute a charge off with the credit bureaus and they must verify it with the original creditor with in 30 days or it must be removed from your credit report.
Can you dispute a charge off account?
No. Once an account has been in default for 180 days, the creditor by law must list it as a charge off.
How long does a creditor have to file a lawsuit on a charge off in California?
In California, a creditor typically has four years from the date of the last payment or activity on the account to file a lawsuit for a charge-off. This period is governed by the statute of limitations for written contracts. It's important for consumers to be aware of this timeframe, as making a payment or acknowledging the debt can reset the statute of limitations.
What are charge offs?
Charge offs are accounts that have been written off by the creditor as uncollectable. The debt owed is still valid and can be collected on either by the original creditor or by a collection agency. You can only erase charge offs by disputing them to the credit bureaus or negotiating the removal by the original creditor.
What are the consumer tax implications from charge off?
The charge off is the declaration by a creditor that an amount of debt is unlikely to be collected. The implication that it increases the consumer tax.
What does a charge off mean on my repo'd car?
Your creditor added a negative entry (a charge-off) to your credit report and will continue to attempt to collect on the debt.
Can a lawyer garnish your wages after the creditor has written it off as a charge off?
Absolutely, but he must obtain a judgment first.
Do creditors list a charge-off on credit reports as of the bankruptcy filing date or as of the discharge date?
Creditors list the charge off date as the date the bankrupcty was filed
