Closed vs Charged Off
Date: Mon, 06/28/2010 - 10:48
Thank you so very much.
You will come to know from your credit report itself, whether or
You will come to know from your credit report itself, whether or not your credit cards have been sent to collections. Check if any collection agency is listed against the closed accounts. That is what generally happens. However, if it's not the case, you can talk to the credit card companies individually. If the account has been handed over to collection agency, the creditor will let you know.
An account is charged off when the creditor writes off the account as a loss, and hands it over to a collection agency. It generally happens after 180 days of delinquency. The collection agency will be listed against your account on your credit report. This negatively affects your credit.
As for the accounts closed by the credit grantor, a creditor sometimes closes an account due to debtor's delinquency. This delinquency gets reported against the account, and hurts your credit. So, can you tell if there are any negatives reported against all those closed accounts?
