credit report says charged off

[ldyroper]

What is the name of your state? ND

Im disputing a credit card collection, and have sent my debt validation letters to the debt collector, so far they havent produced proper validation. In the meantime, Ive requested my credit report from 3 agencies. The first one came back from experian. Under this credit card, it says account charged off. $$$$ written off. There is nothing saying in dispute, nor does it say anything else about it except the amounts, and charge off dates, and account is scheduled to continue on record till 2008. No note that it was turned over to collections on it at all.
what does this charge off mean?

 

[Ladynred]

Basically it means that the original creditor gave up on it, and wrote it off their books as a bad debt. By law, they have to write-off these types of debts after 180 days of non-payment. Its purely an accounting function. After they do that, they usually sell the accounts to a collection agency. I would think this account should show up in the collections section of your CR. If it doesn't all it means is that the CA has not put anything on your CR yet. That is where 'in dispute' would show up - on the collection tradeline.