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Charged Off Accounts
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Posted by Buck
(68.112.8.76) on June 04, 2003 at 02:30:33:
I have several credit cards that are now several months past due. (My monthly payments exceed my income.) I also have a home equity loan in the amount of 18,000 that I have not made a payment on for a year. I received my credit report, and it shows a couple of the credit cards as charged off. It also shows the home equity charged off, and shows a balance of $0. Honestly, I'm not worried about the 7 years that these will be on my credit report - I'm just wondering what the collection agencies can do against me in trying to collect the debt? The home equity was a secured loan, but, the original loaner did not pursue the money through my home....it was "charged off" and handed over to a collection service.
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