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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.
What else can I help you with?
How long does a paid credit card account that has been closed stay on your credit report?
Forever, since it looks good on your report.
If a charged off account now has been removed from your credit report can a third party attempt to collect the debt after if has been removed from the credit report?
Yes. You have to check your state's statute of limitations. The time of the state's SOL for collecting on debts and the federal SOL on credit reports may be two totally different time limits.
What is an open account listed on a credit report?
Open Account - account listed as "open" on your credit report are accounts that are open, includes all accounts that have been reported within the last 90 days.
How can you find out if certain creditors have been marked charged off and it's not showing in your credit report?
The only true way to know is either try contacting the creditor or keep a close eye on your credit report. If the account isn't showing on your credit report and you receive no coorespondence from a creditor, it can be very difficult. If you suspect an account is in default of contract and you cannot find information on the account, understand that if it isn't initially reported, the chances of it being reported are not very great.
What does it mean when an unpaid account is closed on your credit report?
that it has been closed by either you or the company- either way it shows as a negative in your report
What does settled mean on your credit report?
A credit report will show that an account is either active or settled. If the account is settled, it means that it has been paid and is closed.
How long does a paid credit card account that has been closed stay on your credit report?
Forever, since it looks good on your report.
If a charged off account now has been removed from your credit report can a third party attempt to collect the debt after if has been removed from the credit report?
Yes. You have to check your state's statute of limitations. The time of the state's SOL for collecting on debts and the federal SOL on credit reports may be two totally different time limits.
What is an open account listed on a credit report?
Open Account - account listed as "open" on your credit report are accounts that are open, includes all accounts that have been reported within the last 90 days.
How can you find out if certain creditors have been marked charged off and it's not showing in your credit report?
The only true way to know is either try contacting the creditor or keep a close eye on your credit report. If the account isn't showing on your credit report and you receive no coorespondence from a creditor, it can be very difficult. If you suspect an account is in default of contract and you cannot find information on the account, understand that if it isn't initially reported, the chances of it being reported are not very great.
Have you experienced a duplicate credit card charge on your account?
Have you been charged twice for the same credit card transaction?
What does it mean on your credit report that says updated?
The/Your account is legitimate. Whatever has been reported to the credit bureau's it has been verified as valid.
If you were overdrawn for two weeks and your direct deposit goes straight to this account and now you learned that your account has been charged off what exactly does that mean?
it means that your account is no longer over due its 90 days past due in which usually it goes to charge off status on your credit report which will tell who ever is looking at your credit report that you chose not to pay the bill that's what it means
What does it mean when an unpaid account is closed on your credit report?
that it has been closed by either you or the company- either way it shows as a negative in your report
What does cbv mean on credit report?
CBV on a credit report typically stands for "Credit Bureau Verification." It indicates that information on the credit report has been verified by a credit bureau. This can pertain to the accuracy of account details, payment history, or other credit-related information. It serves as an assurance that the data is current and reliable.
Can a credit card company reopen an investigation on a fraudulent account if it was charged off and then was disputed and now has been deleted from your credit file?
If they have reason to believe the account was reported or disputed fraudulently or that new information has been discovered, they can investigate further.
How long does it take for credit card accounts to be closed if they have not been paid?
If a credit card account has an outstanding balance that is defaulted on, the account will not be closed. The account will be charged to profit and loss, or sent/sold/assigned to collections, either internal or external.
