Question

What is the process and consequences of a credit card being charged off?

Answer 1

Depending on the bank but in most cases your account will be forwarded to a collection agency. If they are unsuccessful then the debt will be forwarded to a collection attorney. They will get a judgment against you, which is good for 20 years, and try to execute on that judgment by garnishing your wages, freezing your bank account or putting a lein on your property if you own any.

Answer 2

After a charge off two things may happen:. . It will stay on your credit report as a charge off for 7 years;. . Collection agencies will start hounding you. Just tell them to quit calling you.

Answer 3

After you credit card get charged off, the crediter which provide u the credit card will report u to the bureau agency and which is marked into your credit report, this will affect ur score dramatically and drop your credit score.

Answer 4

It is posted to your credit report as bad debt and sent to a collection agency.

Answer 5

After the credit card is charged off, it will stay on your credit report showing this charged off activity. Depending on the creditor, it may send to a collection agency which will be contacting you to try to recoup this money. A derogatory will be usually staying on your credit report for 7 years and your credit score will be lower.