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Charge Off Dates


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Just wanted to post this; it's from the CA forum, and is interesting:

"Be careful about the charge-off date you are using. If you're using the charge-off date reported to the CRA, that is a statutory charge-off date for credit reporting purposes mandated by the FCRA, and has nothing to do with when the OC actually charged it off to P&L. The OC most likely would continue to charge interest themselves until the account is charged-off to P&L. If you charge interest back to the reporting charge-off date, and the OC charged interest up to the P&L charge-off, you will be adding illegal fees to the debt. This is almost always overlooked by both CA's and consumers, and is an easy FCDPA violation. "

"Absent contractual or statutory authority, you cannot legally charge interest."

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