2006-10-26 05:03:31 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
They've declared your account uncollectable, and it's probably going to be sold to a collection agency. You might not hear anything for a month or two, or you might hear right away. Don't think it's going away.
2006-10-26 11:31:54 · answer #1 · answered by milomax 6 · 0⤊ 0⤋
If I understand your question it might mean that the credit card company has written off your account and you no longer owe it. At the end of the year you will then receive a form 1099 showing how much money they wrote off. This amount will have to be included on your tax return as income on the the "other" line and you will have to pay federal and state taxes on it.
2006-10-26 05:07:10 · answer #2 · answered by acmeraven 7 · 1⤊ 0⤋
I believe it actually means that they have quit trying to collect on the account. I had this happen and I did not receive any tax forms at the end of the year.
2006-10-26 05:09:38 · answer #3 · answered by Brandi 1 · 0⤊ 0⤋
A charged off account is a P&L profit and loss.
It is an uncollected debt that is wriiten off as a loss.
If they have you on a watch list it can still come back to haunt you.
2006-10-26 05:15:41 · answer #4 · answered by ? 6 · 0⤊ 0⤋
Three Rivers is 100% correct!
2006-10-26 05:26:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋
LIKELY ,SOLD TO A COLLECTION AGENT.
get copies of all three credit reports and see. free once per year in the USA.
2006-10-26 05:11:21 · answer #6 · answered by macdoodle 5 · 0⤊ 0⤋