What is the meaning of a debt or credit charge off?
This is a term that banks and creditors use to define a debt that can’ be collected. When a charge off is issued against any of your outstanding bills and debts, this does not mean you are free from the debt. Any outstanding account balances you may have incurred are turned over to ruthless collections agencies and debt collectors who take over the responsibility of collecting any unpaid debts you may owe. Even though the Federal Government heavily regulates the collections profession under the Fair Debt Collection Practices Act (FDCPA), collection companies still use questionable strategies ad tactics to get unpaid balances from debtors. They ay use tactics as: • Making harassing and embarrassing telephone calls to your home or place of work. • Using harassing, threatening and intimidating language over the phone and by mail. • Contact your friends, family members, and co-workers seeking personal information on you. • Issue threatening remarks such as illegitimate incarceration or jai
