If an account on my credit report says charged off, does that mean that the account no longer exists? Or, has it been sold to another agency? Thanks.

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A "Charged off" mark on you credit report means that your creditor no longer believes that he can manage to get the debt amount from you. Actually, after this, your outstanding debt accounts are sold to third party collection agencies.

A "charged off" mark on your credit report doesn't mean that you are no longer obliged to pay the amount. You've to pay it off and the collection agency can sue you to recover the amount with the SOL period.

However, a "charged off" mark on your credit report is not good and can create problems to get loans in future.


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