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Re: What is a charge off?


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Posted by observer (64.12.96.205) on January 31, 2003 at 08:41:10:

In Reply to: What is a charge off? posted by basic question on January 31, 2003 at 05:33:25:

Charge off is an accounting term. It notifies regulators and shareholders that the company believes there is no chance to collect this debt. Per the FDIC, financial instituions must charge off debt at 180 days from default. A few banks will charge off at 150 days.
After charge off is usually when debts are parceled out to 3rd party collectors.


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