What Is A Charge Off On My Credit?
The rules of business and accounting specifically require that non preforming debt be charged off. This is directed at people who do not pay their bills and if the lender sees that there is little hope of collecting, well, these accounts are sold or forgiven or sent away to collection. Now even though when they are charged off then sold to a collection agency they are usually sold for 20 to 30 cents on the dollar.
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