|
|
Dazed and confused...
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by Froglady (65.237.72.102) on October 20, 2002 at 09:30:34:
Okay, I have been reading some other sites regarding charge-offs and now I regret it! I am so confused now...Let me see if this makes any sense at all. If an original creditor charges-off an account, they have decided that it is an uncollectable debt and they have chosen not to pursue it any more, ie with a lawsuit. They sell the debt to a new CA, and now they 'own' the debt, and can sue if they desire to?? How do they make money if they are buying this debt, and paying the added expense to go through the legal system if the original creditor has deemed the account not collectable?? I have also read about people's credit reports showing the debt 'moving' to another CA, what does that look like?? I obtained an Experian credit report and there is nothing reported regarding this four cards other than as charge-offs with the date of the charge-off. One site recommended NOT declaring bankruptcy (generalized) since the original creditors have deemed them uncollectable. So I am really really confused now!! You guys seem to have the best information, please help me understand all of this!!
Follow Ups:
Post a Followup
|
