Charge off question

[Anonymous]

Once an account is charge off by the OC can a CA legally come after you for it? How long can they continue to report it on your credit? Can different CA's continue to get that account so that it never comes off my credit report?

[Anonymous]

A CO is an accounting term the OC uses.  It does not mean you do not owe the money so yes, a CA can come after you for the money.

If the OC CO is sold they must show a zero balance.  If it is only assigned to a CA, both the OC and the CA can show a balance.

If the current CA no longer holds the account it must be deleted from your CR.  Only one CA can report on any one account at a time.

Passing the account from one CA to another will not make it stay on your CR any longer than the legal time allowed to report.  Negative accounts fall off according to the DOFD, which is set by the OC.  This date can not be changed.  It is illegal to do so.

Do you know your SOL?

ETA:  The legal reporting time is 7 - 7.5 years from the DOFD.

Message Edited by guiness56 on 12-17-2008 08:18 AM

[Anonymous]

Hi,

If an account has been CO and was passed to a different company can both companies report it? Like the ORIGINAL company reports it as a zero balance bad/dept collection. The NEW OTHER company reports it with a balance but with no account number or date opened information.

[llecs]

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ace1000 wrote:

If an account has been CO and was passed to a different company can both companies report it? Like the ORIGINAL company reports it as a zero balance bad/dept collection. The NEW OTHER company reports it with a balance but with no account number or date opened information.

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Both can report it. The OC (source of the CO) must report $0 if they sold it. And the CA that took the account over may report too with a balance. Both cannot report a balance at the same time, though.

[Anonymous]

I know this is an older post but I was trying to research before I asked a question that was already asked.  I'm still learning my way around..

I had a CO purchased by a CA and it has been sitting on my report for about 12 mos and because I've been paying everything else on-time and more than the minimum my score has increased w/EX to 648.  It seems it was Just resold to another CA and bump my score down to 584.  Can they do that even though it's not a new "item" it was just purchased by another CA??

[laz98]

it's not really that they are reporting it as newly happening, it's that the account shows up as a new collection....i think.  =)