Is this Legal?
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Posted by Angie
(220.127.116.11) on September 22, 2002 at 10:35:15:
If a credit card is Charged-Off by an original creditor, can they continue to accrue interest on it and report it as "past due"?
If it's written off their profit/loss, doesn't it mean that it no longer exists on their ledger?
I know it is still owed and not technically "gone", but for reporting and collection purposes, how can they try to collect more than the P/L charge-off amount?
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