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is a charge off the same as a collection account?

is a charge off the same as a collection account?

Asked on Sun, 07/17/2011 - 09:52
spiritwind3000
1 Answers

When the lender or creditor is not interested in collecting the debt as you're not paying it on time, the lender may put the status of "charge off" against your account while reporting it to the credit bureaus. If the lender or creditor sells it off to a collection agency, then it will be considered as a collection account.

Answered on Mon, 07/18/2011 - 08:19
Anna Sweeting

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