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help! need difinitive answer to charge off law
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Posted by jeff on December 22, 2001 at 05:30:26:
I need to discern which claim regarding charge-off law/procedure is correct. I am currently trying to settle my balances with creditors. In one corner, the claim is reporting a balance that has been charged off for seven years is a federally mandated procedure. On the flip side, many sources claim this is completely untrue, that the credit bureaus work strictly for the creditors, and that they are not statuatorily bound to report anything. Several creditors make this claim, that they have to report the charge off and they have no choice. Some others don't and yet some others have no idea, and will not give me an answer on anything. And with the couple that I did make a settlement arrangement with, I called them to ask, knowing that they would more likely be willing to give me a straight answer. Suprisingly, they have no idea what the law is, yet their counterparts with whom I am still dealing with are adament in their claim of charge-off reporting being law. are creditors bound by law to report the charge off? or can i negotiate with them to drop it.
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