I received a letter in the mail from Asset Acceptance, a debt collector, saying my circuit city/chase account is closed. It shows I have a zero balance and says it is not being reported to the credit bureaus.
I pulled my credit report after reading the letter and it shows that my account was 'charged off'. I was under the impression that when a debt is 'charged off' it is sold to a collections agency. Did that happen here? Am I going to be hearing from somebody else wanting to collect on this debt?
By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.