grad58 Posted January 13, 2008 Report Share Posted January 13, 2008 hello im new to the forum and had a question about charge off of a CC. what happens when a charge off of a CC. Is it sent to a third party collector and when does this occur immediately or later after the OC charges it off? Link to comment Share on other sites More sharing options...
Amerikaner83 Posted January 13, 2008 Report Share Posted January 13, 2008 it all depends. Sometiems an OC will try and collect post charge off. Sometimes they won't sell it, sometimes they will. Link to comment Share on other sites More sharing options...
willingtocope Posted January 14, 2008 Report Share Posted January 14, 2008 As a general rule, charge off doesn't really mean anything to the debtor. Its an accounting term that means "charge against accrued income". They still own it, you still owe it, they can still try to collect it.It also has little to do with when or if they get a 3rd party collector involved. Some CCs have inside collection departments. They may carry the account for years. Others turn it over to outside collections in 60-90 days. None of this has anything to do with "charge off".And, again, depending on the creditor they may eventually sell the debt to a junk debt buyer (JDB)...who may or may not get a collection agency (CA) involved. If the account is sold, your credit reports should read "sold to another lender" and the balance should be $0. Link to comment Share on other sites More sharing options...
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