Re: Charged off to bad debt

Posted by observer (205.188.209.12) on March 31, 2003 at 10:19:29:

In Reply to: Charged off to bad debt posted by ah_for_better_credit on March 31, 2003 at 09:33:06:

Chargeoff is an acounting term that just means the company is notifying regulators and shareholders that chances of collecting this debt are not good. It doesn't cancel the debt at all. Collection activity may proceed either with the orginal creditors internal collection dept or, it can be placed with 3rd party collectors. No one has given up the hunt.
A chargeof is very derogatory and will trash your credit scores. At some point, you may try and negoiate payment for deletion.

Follow Ups:

Post a Followup