****Become Educated about your Bad/Charged Off Debt******
- The charge-off is reported to the credit agencies and ultimately will make it harder for a consumer who has charged-off accounts to get other loans or secure credit in the future.
- A charged-off debt will remain on a credit report for up to 7 years, until it is satisfied.
- Once a debt goes into a charged-off status, penalties, interest, and other fees can increase significantly, making it even more difficult to repay the original loan or payment amount.
- After the status of the loan has been changed to a charge-off, the original agreement and terms still apply and are the responsibility of the consumer.
- A debt collector can still legally pursue the consumer for repayment and the original lender can still attach interest and penalties onto the total amount of the original loan. Depending on the applicable laws, creditors can attempt to garnish your wages, place a lien on your assets, or take other measures to recover the money owned.
•American Consumer News, April 2008 Responsibilities of Paying a Charged-Off Debt•
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