CHARGE OFF

by JAN
(DETROIT, MI. USA)

When a creditor does a charge off in Michigan does that mean when a collection agency gets it it's being paid for again? Do they sell charged off accounts?

Reply from DebtCollectionAnswers.com:

Jan, it doesn't matter whether this happened in Michigan or somewhere else. When a debt is charged off, it is written off the creditor's books as a bad debt. It may be assigned to a collection agency (with the creditor still retaining ultimate control of the debt) or it may be sold to an outside collection agency.