What is the difference between a charge-off and write-off account?
Date: Thu, 07/18/2013 05:12
There is an account from TNB on my credit report. I have disputed the listing with the credit bureaus. Equifax has modified the account status as “charge-off, paid in full”. However, Experian has changed the account status from charge-off to write-off. I'm little confused. What is the actual difference between a write-off and charge-off? The listing is still there on my credit report. Do I need to pay off the debt? This single item has stopped me from obtaining an auto loan at favorable interest rate in Tehachapi, California.
By signing up a debt 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 payoff 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.