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Rapid Reader Questions: Walmart, Apartment, Credit Risk, College

Q: Does a credit union have to provide a member in writing the amount of interest paid on a loan for tax purposes? A: Depends on what kind of loan it is. Reporting would be voluntary or required by IRS on certain types of loans. Q: How can a financial company put a charge off …

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What Does Charged Off Mean?

Question: Dear Steve, I have 6 negative CC balances on my credit report that are ” Charged off” what does that mean? What does the charge off mean? Bruce Answer: Dear Bruce, I love your question. It’s an issue that so many people don’t understand. A charge-off is an accounting function and this is almost …

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I Might Be Sued Over a Charged Off Debt

Question: Dear Steve, I received a letter about a debt from a collection agency. It said my debt indicated a possibility to be sued. I wrote back and they sent me a form that showed the charge off date for June 20 2014 and showed no purchases except for interest and fees in 2014. Am …

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My Private Student Loan Was Charged Off. Should I Just Ignore It?

Question: Dear Steve, I defaulted on my Navient/Sallie Mae private student loan and I just found out that they have closed the account and charged it off as bad debt as listed on my credit report. My private student loan was closed and charged off. I’m assuming they have turned it over to a collection …

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My Chase Bank Second Mortgage Was Discharged in My Bankruptcy and Charged Off

“Dear Steve, Current on my first, discharged both 1st and 2nd mortgage in chapter 7, Chase charged off my 2nd, I have the money to pay Chase and bing my loan out of default. Since they charged off my loan they will not cure the default. I received a letter on 3/1/13 saying I had …

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