logo

Debtconsolidationcare.com - the USA consumer forum

Credit

Date: Fri, 07/30/2010 - 08:13

Submitted by anonymous
on Fri, 07/30/2010 - 08:13

Posts: 202330 Credits: [Donate]

Total Replies: 3


If any acct is 120+days pasta due when will it fall off in florida


Charge off is an accounting principle and is a function of GAAP not the FDCPA.

Creditors can charge off non performing accounts well before 180 days at their discretion.
Charge offs are reported as an aggregate hit against quarterly loss reserves and become public information for most banks.
Most wait to take this reporting action until the allowable limit because it is bad news that affects their bottom line and is scrutinized as part of their overall performance by wall street and bank share holders.

A bit more to it than that, especially as it pertains to credit reporting and collection cycle, but that's the basic concept.


Mileage may vary


lrhall41

Submitted by on Sat, 07/31/2010 - 06:48

( Posts: | Credits: )