0
As a debt collector, I would say, "wouldn't you want to pay your bills?" However, a debt that is 7 years old is generally out of its legal statues, so they could not sue you to collect, nor would it be legal for them to make threats of suing you. If they make that mistake, the could end up having to pay you!
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.
How long do you have to wait for a charge off to come off your credit report?
Typically, you have to wait 7 years for the charge-off to come off your credit report. But, if the account is incorrect, incomplete, misleading, or unverifiable, it may be deleted much sooner.
Does a bank account charge off go on your credit report?
Yes, any charge off goes on.
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.
How long do you have to wait for a charge off to come off your credit report?
Typically, you have to wait 7 years for the charge-off to come off your credit report. But, if the account is incorrect, incomplete, misleading, or unverifiable, it may be deleted much sooner.
Does a bank account charge off go on your credit report?
Yes, any charge off goes on.
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"
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.
How many years does it take for a debt to be written off?
There is no set time for a creditor/lender to cancell a debt. Charge offs are generally done 180 days after the account becomes delinquent. A Charge off does not mean the debt is not still owed and collectible.
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.
What is a charge off bank?
I've never heard of a "charge off bank" but I do know that a charge off account at a bank is where they bank has listed a loan as "uncollectable" and is probably reporting it to the credit bureau as a charge off or "bad debt". Hope this helps
What is a Charge-off in a credit report?
A charged off account is similar to a collection on your credit report. The creditor has written off the debt owed and closed the account. The debt is still valid though and can be collected on. The charge off will lower your credit score unless removed. You can dispute a charge off and this give the credit bureaus 30 days to verify the charge off or it must be removed from your credit report.
