Charged Off Accounts

A chargeoff doesn't mean you don't owe the debt anymore. It is an accounting measure used to devalue their receivables and account for non-performing assets. Many regulatory agencies force them to chargeoff bad accounts when they are more than 120 days past due. But that does not mean they cannot try to collect the balance still owed.

Hence, after they chargeoff, they can 1) still try to collect on it; or 2) they can realize on the asset by selling it at a discount (to a CA). The CA can then try to collect the full balance owed.

I had a credit card company charge off in 1992 now it has been sold to a collection company. can they put that on my credit report after all these years?

ROFLMAO!!! The NERVE of these CA!! Send the CA a letter that it is past the SOL...It should not show on your CR but if it does, dispute it as past reporting period...it should come off.