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When a credit account has been charged off, that means that the original creditor, i.e. a bank or financier, has given up on collecting the money to you, so they sell the debt to a debt collection company for so much on the dollar.
So they lose very little money, and then the debt collection company is responsible for collecting that debt from you by whatever means necessary. Be forewarned, once a debt is charged off, expect to get alot of phone calls at all times of the day starting at 7 a.m. until 9 or 10 p.m. Get's very annoying. And they will try to obviously to get you to pay the debt off in full. All phone calls are recorded and they are required to tell you that this is an attempt to collect a debt. They will ask you for your address, telephone and all basic information. Then they will ask you to make a payment of some type. Don't ever give them your bank account number. A friend of mine made that mistake and they were supposed to take out a $35 dollar payment and took out over $1000. Which caused his bill checks to bounce and rent check. They are ruthless when it comes to collecting the debt. So be careful when dealing with it. But if at all possible. Save some money, and go to the debt collection company, contact them and offer them a cash offer of less than the wanted amount, sometimes as little as half, and they will except it, some money is better than none. Anyways. There you go.
What else can I help you with?
If your bank account says EFT Charged Off does this mean that the account is closed?
If an account is charged off it is automatically closed. It is listed as uncollectable debt.
Bank account debt collection?
I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed
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 does 'Transferred Account charged off' mean?
It means the original creditor has given up the account and sold it to a collection agency. It does not mean the debtor is relieved of the debt. Someone wants the money and they will get it, somehow.
What does it mean when an account has been charged off on a credit report?
Charged off is a shortened version of "charged off to profit and loss". This is an accounting term which describes actions taken by creditors to avoid showing loss (red ink) on their books. For a consumer, charge off is the same as a collection account. It is a defaulted debt that remains owing until paid in full, at which time it is called a paid charge off.
If your bank account says EFT Charged Off does this mean that the account is closed?
If an account is charged off it is automatically closed. It is listed as uncollectable debt.
What does the term DLA mean?
It refers to the "date of last activity" on an account; for example, when the account was charged off.
What does 09P mean on credit report under rating?
This is the rating of your account. A R09 basically means that it is a charged off account.
Bank account debt collection?
I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed
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 does 'Transferred Account charged off' mean?
It means the original creditor has given up the account and sold it to a collection agency. It does not mean the debtor is relieved of the debt. Someone wants the money and they will get it, somehow.
What does it mean when an account has been charged off on a credit report?
Charged off is a shortened version of "charged off to profit and loss". This is an accounting term which describes actions taken by creditors to avoid showing loss (red ink) on their books. For a consumer, charge off is the same as a collection account. It is a defaulted debt that remains owing until paid in full, at which time it is called a paid charge off.
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 reopen a charged off account?
No, a credit card company will not reopen a charged off account. They may choose to grant you a new line of credit, but this would be rare.
Can a company who bought a charged off account try to collect interest on the account?
Yes, interest and fees are still charged when an account is sent to collections or purchased by a third pary collector.
Can a collection agency increase interest on a charged off account?
Yes.
Can a collection account be both charged off and past due?
yes
