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bluepoodle
Joined: 31 Jan 2010
bluepoodle's page
Posts: 1
34 Magic Points
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Subject: what does account charged off mean?
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Sun Feb 07, 2010 1:05 am
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On my report it says
Status: "Account charged off, $5,380 written off"
Account History: Charge off as of Sept. 2009
What does this mean, it shows up more than once under different Accounts. |
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cinnamngrl
Joined: 01 Nov 2008
cinnamngrl's page
Posts: 456
2384 Magic Points
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Sun Feb 07, 2010 1:23 am
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charged off means that that the creditor has written off this debt as a loss.
listing it more than once could be from the original creditor and a collection agency or that the account was sold to more than one collection agency.
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4493
8662 Magic Points
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Sun Feb 07, 2010 11:27 pm
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| hello and welcome, When a debt is written off and sold to a collection agency you can more than likely expect calls from the collection agency to start shortly after. Do you know how old this debt is? We should check to see if you are protected by your states statutes of limitation. This is different in each state. If you are not protected you may want to try and settle the debt so you do not end up in court or have harassing phone calls. |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 376
7254 Magic Points
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Subject: charge off
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Mon Feb 08, 2010 4:58 am
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Hi Bluepoodle,
When you owe a debt to a creditor and the creditor is unable to collect the dues from you, he writes off that debt as his loss, and sells it to a collection agency. The collection agency then tries to collect the dues from you. When an account is thus handed over to a collection agency, it is reported as a charged off account on the credit report.
To remove this charge off, you can contact the collection agency(CA) and tell them that you wish to pay the dues, request them to agree to a pay-for-delete agreement. With this the CA will request the credit bureaus to delete the negative listing from your credit report. As a result, your report will show the debt as "paid in full" or "paid as settled" depending on how you want to pay the dues.
If you pay the full due amount, it will show as "paid in full", else if you settle for a less amount it will show "paid as settled".
Hope this helps you.
Regards,
Aaron |
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cinnamngrl
Joined: 01 Nov 2008
cinnamngrl's page
Posts: 456
2384 Magic Points
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4493
8662 Magic Points
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Mon Feb 08, 2010 4:29 pm
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| Another thing about when they write off a debt is the government can come back at anytime and tax you on the written off aount. It would be considered an income. It does not always happen but it can so be aware of that fact.Good luck. |
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Don
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Subject: Charge off
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Mon Feb 08, 2010 6:49 pm
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| A company suide us we negotiated a settlement and paid it off, but they show the account as a charge off, was on a repo. car. How can i get it iff my credit report? |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 376
7254 Magic Points
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Anderson12
Joined: 19 Jan 2010
Anderson12's page
Posts: 4
40 Magic Points
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Subject: cash advance payday loan
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Wed Feb 10, 2010 10:04 am
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| Hi, Are you in immediate need of extra cash then [URL="http://paydayloans-us.com"]cash advance payday loan[/URL] is a best choice. |
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