CA can CO??

[Shae]

Hello all,

I was looking at my CR today and realized that one of my CA accounts is being reported as a Charge Off.

Is this accurate?

[willingtocope]

If what you're calling a CA is really a JDB...maybe.

On the other hand, if the OC reported the debt as CO...and the OC still owns it...then the CA who's trying to collect could report it as CO'd with the OC.

Realize that for the most part, CO doesn't mean squat to us debtors...its just an accounting term that means "charge against income for P&L purposes.

[Shae]

If what you're calling a CA is really a JDB...maybe.

On the other hand, if the OC reported the debt as CO...and the OC still owns it...then the CA who's trying to collect could report it as CO'd with the OC.

Realize that for the most part, CO doesn't mean squat to us debtors...its just an accounting term that means "charge against income for P&L purposes.

I think I am talking about a JDB. The Type of Loan is Factoring Company Account. This debt was bought from the OC.

I just think it looks dumb to have a CA or JDB CO on my CR...

[willingtocope]

Yep, Factoring company = JDB, although technically, if the account was in default when they bought it, they don't really qualify as a factor. That's probably not something you could sue over though.

If the OC's status was CO when these guys bought it, then they're probably allowed to call it CO on their listing.

Just realize that you should handle JDB's differently than CAs. The JDB paid pennies on the dollar for the right to hassle you. I, personally, would never pay a JDB anything unless ordered to by a court.

[smurfette in nyc]

Just realize that you should handle JDB's differently than CAs. The JDB paid pennies on the dollar for the right to hassle you. I, personally, would never pay a JDB anything unless ordered to by a court.

Words to live by, IMHO. I feel exactly the same way!