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Re: WHAT IS A CHARGE OFF??


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Posted by Judgmental (12.228.108.56) on January 01, 2004 at 07:10:33:

In Reply to: WHAT IS A CHARGE OFF?? posted by NELS H on December 31, 2003 at 22:38:31:

The term "Charge Off" means the original creditor took a tax write-off on the debt, because it was considered "bad" and not reasonably collectable.

Typically when a debt is charged off by the OC, they sell the debt at a loss to some other entity.

The most non-confrontational way to find out if the debt has been sold is to view your credit from all 3 bureaus. However, this is not foolproof because the information may not be up-to-date at the time.

The most sure way of figuring it out would be to contact the OC. They will definitely tell you.

Is there some reason why you don't want to contact the OC?




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