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Old 06-23-2005, 07:08 AM
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Fair Credit Reporting

What is the name of your state? I live in North Carolina. While trying to clean up my husband's credit report, I came across an old credit card debt (Capital One Bank). Captial One Bank had charged-off the account in 2003. They have continued to charge interest monthly on the charged-off account. Does anyone know if this is legal.
  #2  
Old 06-23-2005, 11:33 AM
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Chargeoff is an accounting term -- nothing more.

There is no law that prevents a bank from charging interest on a charged off account. Most do not but, again, that is for accounting reasons.

Your cardholder agreement allows the charging of interest until the end of days.
Last edited by Debt Guy; 06-23-2005 at 11:34 AM. Reason: stupid typo
  #3  
Old 06-23-2005, 01:09 PM
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There's a big discussion going on about "charge offs" at [url]www.creditinfocenter.com[/url] Apparently, according to FDIC rules, there are limits to how long a <i>bank</i> should keep a CO on the books...and according to IRS rules there are a different set of limits for anyone making money from lending money. The FTC has also chimed in with yet another set of guidelines. So...not an easy question to answer...
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