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Thread: Yet another credit report question...

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    Featured Member tRoUbLeMaKeR's Avatar
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    Default Yet another credit report question...

    So I made apost a week or so ago about credit cards and what not. Got some great advice - thanks!
    Well I ordered both mine and my boyfriends credit report. Haven't got mine yet, but he got his. We new his would be a mess! But there was one credito (or maybe even two) that at the bottom of it says "charged off as bad debt". What does this mean?

    Sorry to sound so stupid with all this!
    [SIGPIC][/SIGPIC]

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    Featured Member scorpio's Avatar
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    Default Re:Yet another credit report question...

    It means he blew off the debt. The creditor tried to collect, but failed, so they wrote off the debt against their profits. This is called a profit and loss writoff. Do not think it will go away, because now they will sell the account to a collection agency, and if they fail to collect, that agency will sell to another, ad infinitum.

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    Banned Melonie's Avatar
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    Default Re:Yet another credit report question...

    But there was one credito (or maybe even two) that at the bottom of it says "charged off as bad debt". What does this mean?
    A "charge off" on a credit rating is basically perceived as a miniature bankruptcy - where the creditor not only didn't get their payments on time, and didn't even get their payments late, but simply didn't get their payments at all. However, as Scorp posted, a "charge off" does not have the legal protection of a bankruptcy proceeding such that collection agencies will continue to try and collect whatever money they can virtually forever. Repeated negative credit report entries will also be generated every time another collection agency fails to collect on this "bad debt", which pretty much guarantees that your boyfriend's credit rating will be poisoned forever.

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    Default Re:Yet another credit report question...

    Charge off's are the best. Nobody is attempting to collect that debt anymore. Dispute the debts with the credit reporting agency and they will come off real fast. I have a credit repair e-book on ebay that explains the exact process on removing charge-offs and all other negative information. Check my feedback, customers are VERY pleased with this product.

    Ryan


    http://cgi.ebay.com/ws/eBayISAPI.dll...e=STRK:MESE:IT

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    Featured Member tRoUbLeMaKeR's Avatar
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    Default Re:Yet another credit report question...

    so I was thinking charge off's were bad but now ryan you say they aren't totally bad? The last two post said that agencies were attempting to get the money instead of the company. And how could you dispute a debt - there's got to be lots of paper work that probably says otherwise. This is confusing!
    [SIGPIC][/SIGPIC]

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    Default Re:Yet another credit report question...

    YES IT IS. Buy my e-book on ebay and it is all explained in complete detail.

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    Member bonniekat's Avatar
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    Default Re:Yet another credit report question...

    I am sure this has probably been answered in a thread before (if it has, could y'all direct me?)

    Anyhow, I know that some credit counselors are evil and some are above board and helpful. Do any of you know who I should be calling?

    I have my reports and statements. I just need some one to tell me EXACTLY what I can do to improve it and/or fix the errors. (Which are numerous and new ones seem to pop up all the time!!!!)

    Ryan, I haven't ruled out your book, I'm just so exhausted with delaing with this. Hope you can understand.

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    Featured Member scorpio's Avatar
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    Default Re:Yet another credit report question...

    DO NOT become involved with a "credit counceling" agency! They are rip-offs, and whats worse, using thier services is considered a bankruptcy by creditors-without the legal protection.

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