Re: Called to settle a year old Chargeoff Account - Terriffied experience

Posted by Why Chat (209.240.198.61) on October 28, 2002 at 20:08:22:

In Reply to: Re: Called to settle a year old Chargeoff Account - Terriffied experience posted by edoggie on October 28, 2002 at 19:15:11:

Did you "settle" pay on an account that was past SOL?

If so, the CA you "settled" wth has to do SOMETHING with the balance you owed. It just doesn't disappear into thin air.

If you didn't get a 1040C for he balance as income to you, then the account balance is sold to SOMEONE. If to a scavanger CA, it will likely be ressurected as a new collection item on your report,if to an "archive" ca, your name and credit information will be sold on a mailng list and all you will have to worry about is the illegal scam ca's who buy the lists and use them to try to illegally collect.

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