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Depends how you look at it. They hurt your credit score the same if they are on your credit report. But they can be collected differently. If someone gets a judgment against you they can garnish your wages and take your tax refund. A charged off account is usually sent to collections and could possible be turned into a judgment. Either way, you still owe debt on both and they hurt your credit the same.

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Q: Which is worse Charge off or judgment?
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Is a charge off or judgment worse on a credit report?

They are or will be the same. All institutions who do a charge off sell the paper to a collection company so they are or will be the same.


Can your bank account be levied for a credit card charge off?

A charge off does not define the debt as invalid or uncollectable. It is a designation used by creditors to indicate the debt is being removed from their normal accounting methods and sent into collection action. If the creditor sues the debtor and receives a judgment (they always do) the judgment can be used as a levy against the debtor's bank account.


Can credit card companies keep a delinquent account open forever or do they all eventually become charge offs?

Most will eventually list the account as a charge off. Which means they remove the account from their books and take a loss in a tax write off. This does not release the debtor from the obligation of repayment. The account is usually sold to a third party collector. If that agency cannot reach a equitable agreement with the debtor, they may file a suit. Even if you do not hear from the creditor or collection agency for an extended length of time, you are not free of the debt. The SOL in most states is six years, (depending on the type of debt that is delinquent). Eventually it will become a charge off which is much worse for you! It will become a charge off and will be impossible to get it removed from your credit report. Remember, just because it is a charge off, it DOES NOT mean that you do not have to pay it and it looks a lot worse on your credit report!


Does a bank account charge off go on your credit report?

Yes, any charge off goes on.


How damaging is a collection charge off?

Short Answer. Very damaging. I don't know the exact numbers for a charge-off but I do know that FICO recently revealed how their damage points work on some other items. For example, if you have 680 credit score and have a 30 day late payment, your score will drop 60 - 80 points. If your score if 780, it will drop 90 - 110 points. That's quite a bit. And I know that charge offs are viewed much worse.

Related questions

Is a charge off or judgment worse on a credit report?

They are or will be the same. All institutions who do a charge off sell the paper to a collection company so they are or will be the same.


Can a lawyer garnish your wages after the creditor has written it off as a charge off?

Absolutely, but he must obtain a judgment first.


Can wages be garnished after charge off in florida?

Yes, with a judgment, but if you're head of the household, no. Experience: I own a collection agency.


Can your bank account be levied for a credit card charge off?

A charge off does not define the debt as invalid or uncollectable. It is a designation used by creditors to indicate the debt is being removed from their normal accounting methods and sent into collection action. If the creditor sues the debtor and receives a judgment (they always do) the judgment can be used as a levy against the debtor's bank account.


Is it better to pay a collection agency or let them write the debt off?

if you pay the collection agency you can get back in good credit standings , ifyou dont they can get a judgment against you, and garnish your wadges , if they do a charge off it stays on your credit for up to 10 years know and it is harder to get credit with a charge off


Can a creditor that has charged off a debt continue to collect and put a lien on real property?

Yes, if the creditor sues the debtor and is awarded a judgment, the judgment can be executed as a lien against real property owned by the debtor. A "charge off" does not mean a debt is not valid nor subject to collection.


Do you still get your taxes even though you have a judgment against you?

Generally, yes. But those holding the judgment may well come after the money...and hiding it from them can tuen to criminal charges. Not paying what you are required to has a way of ggetting worse, and worse.


How do you get out of a Civil Judgment?

You can pay off the judgment , prove with a letter or some valid evidence that the judgment was made in error..


What is the difference in a charge-off showing on your credit verses a repossession?

In terms of credit score, about 10 points worse. You might pay off a repo so its slightly better than one that you never did anything about and the lender charged it off.


I have a misdemeanor and want to know how i could get it took in off of my record?

How do you explain misdemeanor assault charge on a job application without making yourself look even worse?


Will the iPod charge if it is off?

No, the iPod will not charge if it is off. The iPod must be on for it to charge.


How can you get a loan with a charge-off on your credit report?

An FHA loan would require that any outstanding collection accounts, judgment[s] and charge-offs be paid off in full before closhing your loan but not necessarily before approving your loan. The lender will look mostly at the last two years of your credit history.