Does Charge Off = CA?

[rbrandt455]

If an account with a particular OC shows Charge Off on Credit Report, does that mean that any correspondence (including summons) that is received in reference to this account must be from a CA even when it says it's from the OC (including named Plaintiff)?

[willingtocope]

No. Charge off is just an accounting term that means "charge against income for tax purposes". It has no real meaning to the debtor. They still own it, you still owe it, they can still try to collect.

After some period of time (usuallly 3 to 6 months) OCs do hire CAs to try collect. Sometimes the CA is a lawyer...who may file suit on behalf of the OC.

On the other hand...if the OC's tradeline is marked CO or WO and "sold to another lender" and their balance is set to $0...then, the CA you're dealing with is working for a "junk debt buyer" (JDB)...a whole nuther problem.

[rbrandt455]

Thanks for the info. As a follow up to that if a summons states that the Plaintiff is "US Bank NA" and US Bank was who the credit card was with, does that for sure mean that the OC is suing me? If yes, is it pretty much a given that they will be able to provide evidence of the account being mine even if I answer the summons? Signed agreement, Statement Copy, etc.?

[willingtocope]

Depends on how old the account is. If its only been a couple years at most, then they probably have the documentation (if its older than that, then check to see if the SOL applies).

First...be sure to show up. If you don't, they'll probably get a default judgment. Read the rest of the forum for advice on how to respond to the summons. Chances are the judge may send you out in the hall to see if you can work out a settlement. If you've got money to work with, that may be an option...if not, you might want to look into filing BK.