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What else can I help you with?
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 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.
Does a bank account charge off go on your credit report?
Yes, any charge off goes on.
Can a collection agency sue for a 'charged off' debt?
Yes, the term "charge off" does not render the debt invalid or uncollectible.
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.
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 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.
Does a bank account charge off go on your credit report?
Yes, any charge off goes on.
Can a collection agency sue for a 'charged off' debt?
Yes, the term "charge off" does not render the debt invalid or uncollectible.
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"
Can a credit card company sue you after four late payments?
Technically they could, but it's rare. Most creditors won't bother to sue until after the account has been charged off (written off as a bad debt) after 6 months of non-payment. Some creditors will sue right after charge-off, others will go thru numerous collection agencies or just sell off the debt to a junk debt buyer, who might sue you at some point. In-house collections are notorious for threatening to sue if you're late on payments, but it's unlikely they will do so, it's a scare tactic.
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.
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.
When does a credit card issuer charge off an account after the account has been closed?
Usually 180 days after DLA. Be advised a charge off does not indicate that the debt is not valid and subject to collection procedures.
What is the definition of the term 'charge off'?
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.
Can an attorney from another state sue you for a credit card charge off?
Yes, if he/she is licensed to practice in your state.
Can creditors classify an account as a charge-off because it was included in a chapter 7 bankruptcy?
Yes and no. If an account was already charged-off before the bankruptcy, it can be reported as a charge-off. By law, the creditors must charge-off accounts included in bankruptcy, BUT they can not REPORT that charge-off if it happens AFTER the bankuptcy. Negative reporting on discharged debts is a violation of the permanent injunction of the discharge.
