My credit report shows a debt as being charged off years ago. Do I still owe the company money?

My credit report shows a debt as being charged off years ago. Do I still owe the company money? Asked by saview 1 month ago Similar questions: credit report shows debt charged years ago owe company money Business > Financial Planning.

Similar questions: credit report shows debt charged years ago owe company money.

Many people mistakenly think when a debt has been charged-off that it's been cancelled by the creditor. This is not true. You are still responsible for paying off the debt.

Companies, including creditors and lenders, have profits and losses every year. They make money from profits and lose money from losses. When a creditor charges-off your account, it's declaring your debt as a loss for the company.

The credit card company usually still charges interest on a charged off debt. Future creditors and lenders take charge-offs seriously, so it is in your best interest to remove charge-offs from your credit report. Negotiation is your best tactic for reducing the effects of a charged-off account.

The surprising part of this is that you have not heard from anyone trying to collect the money owed. I would not try to stir up a hornets nest with this. I would look at the credit report carefully to see if the charged off debt has appeared someplace else on the report under a different company name.

You might also try going to a web site for the credit card company and put your account number in and see if it shows an outstanding balance. If the debt was charged off, and you have not received phone calls from a debt collector, then I would check and see if you, somehow, in the past paid it off, or just consider it having fallen through the cracks. If you have not had a problem in getting credit since the charge off, you must have satisfied the debt somehow.

Credit card company's are very particular about giving new credit cards to someone with a charge off on the credit report.

I only ask because I'm filling out a security clearance and it asks if I'm 180 days delinquent on any loan or financial obligation. I suppose I'd say yes now that I know even though the credit report says the account is closed. I still owe saview 1 month ago .

Again, I would really check into this. If the obligation was charged off and you are not getting calls from bill collectors, somewhere down the line the debt was transfered to some other company and you or someone paid off the debt. It is very unusual for a credit card or loan company not to sell the debt to someone else to try and collect.

Here is some more in-depth information on charge offs. bills.com/dealing-with-old-and-charged-o... com/dealing-with-old-and-charged-off-debt-accounts.

No. If it was charged off, the debt has been forgiven.

So what do I do with accounts that were paid in full, but the companies added a few late charges after the fact because they would not terminate the account when paid off, then jacked it up with legal fees to over a thousand dollars and then sold it to a collection agency. It does not represent anything but theft, in my opinion. Why pay that?

Especially if it was all ten years ago or older. If you owe it for stuff you bought, then pay it.

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(see more info)" "I did not report credit card debt write off on my 2006 state taxes and just recieved info that I owe.It is past 3yrs? " "can a collection agency claim to be a law firm working for the company you owe the debt to? " "ten years financial statement of a company.

What agency do you report a company to that has charged credit cards and not delivered or refunded.

My mom took out a loan in my name 6 years ago. Now, apparently, I have $25,000 in debt and ruined credit. What can I do?

I did not report credit card debt write off on my 2006 state taxes and just recieved info that I owe. It is past 3yrs?

Ten years financial statement of a company.

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