The creditor can and often does attempt to collect the debt, unless the Statute Of Limitations has expired on the debt, long after it has been charged off with either an in-house collection program or more commonly with a third-party debt collection service.
2007-07-02 17:19:17
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answer #1
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answered by Anonymous
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Charge off is a accounting term, all this means is that the original creditor has written off your debt as noncollectable.
This doe's not mean that you do not still owe the money just to someone else. What they do is sell your debt to a collection company who will come after you for the money.
So you are going to end up with not only the charge off showing on your credit but also the collection activity for the next 7-years.
2007-07-02 06:49:32
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answer #2
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answered by ? 7
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You can dispute anything on your credit report at any time. Just because you file a dispute, though, doesn't mean the charge-offs will be removed from your credit report. The credit bureaus will contact the creditors, who will then have to prove that the debt is valid. If it is a valid debt, the charge-off will remain on your credit report. If it is a mistake, or if the creditor doesn't respond in the allowed amount of time, it will be removed.
2016-05-21 02:55:49
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answer #3
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answered by ? 3
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Yes you can still pay...But after 7 years it will fall off 10 years if you are looking into buying a house( thats how far lendres look into your credit history).I settled one like that with a agreement of a deletion on my credit report
2007-07-02 06:36:53
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answer #4
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answered by Anonymous
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No it means they wrote you off their books. They got tired of waiting for you to pay and they need your debt off their books.
You don't have to pay it, but now your credit is significantly damaged and that bad record will be on there for 7 years.
2007-07-02 06:33:27
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answer #5
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answered by manabell 2
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If you are able, you should. It will look much better on your credit.
2007-07-02 06:36:48
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answer #6
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answered by MD 4
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You still owe them, and might hear from a collection agency or be sued for them.
2007-07-02 06:32:45
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answer #7
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answered by Judy 7
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Yep, its your debt
2007-07-02 07:02:13
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answer #8
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answered by shorty21 5
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