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account was charged off by Citi, then back to citi, now credit report says charged off again

Date: Thu, 10/04/2012 - 16:54

Submitted by anonymous
on Thu, 10/04/2012 - 16:54

Posts: 202330 Credits: [Donate]

Total Replies: 3


What to do next? Does this mean it went to collections? Or a lawsuit after the recovery department got rid of this?


Once you are charged off, Citibank assigns their accounts out to collection agencies. They do not sell them, they just assign them third party. After 2-3 placements, they will place with a law office to be sued upon. Citi is quite agressive. Once you are charged off, you stay charged off...it is simply an accounting term meaning bad debt.


lrhall41

Submitted by SOAPLADY on Thu, 10/04/2012 - 17:26

( Posts: 17315 | Credits: )