Legal Question in Credit and Debt Law in California
Credit Card Collection
If a Credit Card Company has charged off an account (as it appears in my credit report), can that account then be sent in to a Collection Agency for collection ?
3 Answers from Attorneys
Re: Credit Card Collection
Yes, they can and they do. And the collection agency may sue you for the debt.
You can read more about this at my blog, www.californiadebtblog.com
Please let me know if you have any other questions.
Re: Credit Card Collection
Yes, a charge off is only a balance sheet entry for the credit card company at issue more or less, not a full release of the debt in your favor. Thus, collection agencies may pursue the debt regardless if it has been lawfully authorized. However, you may still have legal rights to have this debt discharged completely or mitigated with the proper legal assistance.
Re: Credit Card Collection
Credit card companies will often charge of old debts for tax reasons. However, this does not mean that you are released from paying the debt. If the statute of limitations has not expired, the credit card company or a collection agency that has purchased the account can sue you and try to collect the amount owed.
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