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It is a term used by credit card companies to indicate they are ending attempts to collect the debt. Then they list it as a bad debt tax loss. This does not mean the account holder is "off the hook". More than likely the account will be bought for pennies on the dollar by a third party collector. The REAL collection process will start, which may, if the debt is not satisfied, culminate in a lawsuit.
Wiki User
∙ 19y ago
Wiki User
∙ 18y agoChargeoff means that you did not satisfy debt, and the company took the lost.This is placed on your credit as debit being owed and charged-off.
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What does the aumred mean?
Do you mean ''What does the AUM Mantra mean?''
Does mean mean average?
No, but sometimes "average" means "mean" - when it doesn't mean median, geometric mean, or something else entirely.
Did he had the concept of venn diagram?
The answer will depend on who you mean by HE.The answer will depend on who you mean by HE.The answer will depend on who you mean by HE.The answer will depend on who you mean by HE.
What does the word mean mean?
See mean-8. Or get a dictionary.
What is the deviation mean mean?
There is no statistical term such as "deviation mean".
How do you provide additional information about a charge off?
All of the credit reporting bureaus allow you to dispute transaction lines found in the credit report. For actions like chargeoffs, the dispute is really adding a note to the file that one will hope a creditor will read when considering you for credit. You will need to know very specific information concerning the chargeoff (including the account, the amount, when the chargeoff occurred, etc.) and your statement will need to represent why the chargeoff should not be considered when applying for credit.
If you settle a chargeoff or collection does this increase your credit score?
Yes! I settled 2 collection accounts and my score stayed exactly the same.
What does it mean if a credit card's status is 'internal chargeoff' and the debt is being pursued by a law firm?
More than likely been sold to a third party collector work with attorneys that specialize in collections. The first contact is usually via mail, seeking "cure and remand." This is sometimes the precludes a lawsuit.
Defenses against lawsuit on chargeoff account?
You need to find out your state's statue of limitations. If the debt is old, then you can back sue the collection agency. You can also go to court and reach an agreement.
How and when does a collection account become a chargeoff?
When the lender decides to classify it that way. Some will automatically charge it off when it is 90 days delinquent, others will never. Charging off a debt is just an accounting entry that keeps the bank from overstating their income and assets. It does not mean the debt is no longer owed or that they will stop trying to collect it.
How does diversification affect financial institions credit risk exposure?
Generally, diversification helps reduce the overall credit risk exposure for financial institutions by reducing their overall expected chargeoff rates.
Where can one get credit repair letters?
Credit repair letters are sent to lenders to demonstrate an attempt to settle debts and are the first step in financial repair. Chargeoff, Creditinfocenter and eHow are great places to find boilerplate letters.
If a chargeoff is removed from your credit report after 7 years do you still legally owe the money?
Perhaps. It would depend on the type of debt and the laws of the state in which the debt was incurred. It could very well be that the SOL has expired and the debt is no longer valid.
How do you pay a settled and paid charge off?
Once a chargeoff has been marked "paid charge off," the borrower still owes the debt, but from an accounting standpoint, the lender has decided that they will not be able to collect that debt. Also, the charged off amount will stay on your credit record regardless of the next steps that you take. If you pay off that chargeoff, the lender will not adjust the trans line in the credit report. However, if you are trying to "make it right," you may send a payment to the lender at the same address that you sent payments prior to when collections started (be sure to mark the check/EFT with your account number and name).
If a repo now shows up on a credit history with 'charge off' does this mean that the balance needs to be paid off even if the repo was two years ago?
Yes it will need to be paid, the good news is the bank will more than likely take a settlement, and only offer to pay them the settlement if the take the repo and chargeoff off your credit, the will play ball!:) for more info on repossessions, you can goto my website at www.stoptheREPOman.com
What is gross charge off and net charge off?
Loan or debt which have been delinquent and subsequently written off are classified as Gross Chargeoffs. however in certain cases, partial recoveries may be made at a later date. The net charge off is the gross Chargeoff minus the recoveries.
Can a credit card company collect on a debt over seven years old?
Yes. Even though the chargeoff line item should come off of the credit report in seven years, the credit card company may attempt to collect their debt for as long as they wish (assuming no fair credit collection laws are broken in the process).
