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When you have a credit card that has been charged off what do the credit card companies do? |
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The usual action is the account is sold to a third party collector. That agency will use regular procedure to collect. Generally it will be by mail or phone contact. There are a few ca's that send collectors to the residence of the debtor, however, this action is seldom used. If a satisfactory arrangement cannot be made between the involved parties, legal action may be the next step. Whether a lawsuit is filed depends on many factors, the main one being if the debt is collectible. ("Macky"...macky83@juno.com)
First answer by Macky. Last edit by Macky. Contributor trust: 3452 [recommend contributor]. Question popularity: 24 [recommend question]
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