2007-01-29 07:18:48 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Where someone didn't pay the account according to terms so the creditor has charged the account off and sent it to a collection agency. This normally will create negative points on a credit report as well.
2007-01-29 07:21:46 · answer #1 · answered by kewltazdude 3 · 1⤊ 0⤋
It only means that the original creditor has given up trying to get the money from you. They usually send it to a collection agency. It does NOT mean that debt is gone or erased though. A collection agency can still try and get the money from you and the collection agency can still take you to court if they wanted to.
2007-01-29 07:27:46 · answer #2 · answered by ♥ Mary ♥ 4 · 0⤊ 0⤋
the charged off account is the account which is opened without any downpayment or starting charge.
2007-01-29 07:44:28 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It means there were no collections on the delinquent account and the person was probably non cooperative in making payments, so it was sent collections.
2007-01-29 07:29:56 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It means the original creditor has given up trying to collect the debt, and has sold it at a discount to a third party, who will try to collect it.
2007-01-29 07:22:43 · answer #5 · answered by Michael M 3 · 0⤊ 0⤋
It's when a company decides just to 'write off', or erase the debt you owe.
2007-01-29 07:22:01 · answer #6 · answered by Anonymous · 0⤊ 0⤋
when a debtor deems a debt uncollectable they charge it off.
2007-01-29 07:22:49 · answer #7 · answered by SKYDOGSLIM 6 · 0⤊ 0⤋