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Charge-offs - The facts!

A charge-off typically occurs when a company's accounts receivable department determines that a debt will remain uncollectable and should be written off. When a charge-off appears it means that a prior collection or default has already placed on your credit report.

If in September 2007 you were 30 days late on your credit card and you never made another payment it can only be only reported on your credit report until February 2014, despite of when the original creditor charged off the account.

Call Brian with HTDI!

Posted by Brian Aber - www.STARTaCSO.com on 07/25/2008 12:32 PM

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htdi financial, credit repair, nacso, chargeoff

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2 Comments on Charge-offs - The facts!

Yeah, but this company sells the charge off to that company and the 7 years starts over. It's not supposed to, but I see it all the time.

07/25/2008 12:59 PM

by Randall ~ @ ~ Access e Mortgage

These third parties buy old bad debts in bulk for pennies on the dollar and then contact you trying to collect. Often these debts are several years old and the original credit has viewed this account as "noncollectable" and sold it to them for next to nothing.

If you have been a victim or someone you know has its important that measures are taken to correct your credit report from these illegal activities. HTDI Financial is willing to help you make a stand for yourself and control of the situation.

In the past a person may have made mistakes or gone a financial hardship but it does not give these companies the right to violate your rights.

07/25/2008 01:09 PM

by Brian Aber - www.STARTaCSO.com (HTDI Financial )

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