Re: charged off account
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Posted by observer
(64.12.96.205) on April 05, 2003 at 08:15:32:
In Reply to: charged off account posted by What to do? on April 05, 2003 at 01:07:37:
Chargeoff is an accounting term that just means regulators and shareholders have been informed that it is doubtful the debt will be collected. FDIC regs require banks to chargeoff at the 180 day mark.
It does nothing to stop collection activities and the debt is still your obligation.
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