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Can debt be "Charged off" twice?


k99w
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I had a Credit Card with FCNB that was charged off Way back in 2000, after checking my Credit report Midland Credit Management is the CA that took it over and has it listed as a CO in DEC 2005. Is this right? Can the same debt be "charged off" Twice? No payments were ever made to Midland, nor have I ever contaced them . So I know I didn't re age it. Any help would be grateful...

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Thanks for the reply, The thing that confuses me is that it is listed as closed and CO with Midland on my experian report , but on my equifax report it is open and no charge off. But it was CO by FCNB in 2000. I just didn't think CA's CO debts. All this stuff gets a bit confusing to me since I am new at all of this but I am learning . Thanks again!

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Doesn't really matter to you...

Yeah, it matters. FICO scores not only look at the charge off event, but how recent it is in determining your score. A Dec 2005 chargeoff (even though it is a collection account) is so recent it is likely driving his score down by an extra 20 to 30 points. The FICO model isn't smart enough to differentiate that this collection account is attached to another tradeline. It only sees a charge-off that is 12 months old.

Also, a CA that buys a junk debt for pennies on the dollar cannot charge-off the original delinquent balance. They can only charge off the amount they paid for it (their actual loss)... otherwise it's double-dipping.

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