What Does a Charge-Off Mean for a Creditor?

Answer A creditor records the loans it provides to borrowers as assets and lists them under accounts receivable. The creditor checks these accounts to determine whether the borrower is making payments. If... Read More »

Top Q&A For: What Does a Charge-Off Mean for a Creditor

How does a creditor get reimbursed during bankruptcy?

To get reimbursed during a chapter 13 bankruptcy a creditor needs to file a proof of claim to establish that they have an interest. Claims are paid to creditors with priority claims first. Certain... Read More »

How Does a Creditor Determine the Date of the First Delinquency for a Drop Off?

Federal law dictates when negative information drops off U.S. consumers' credit files. Creditors and debt collectors must abide by the law and report accurate information about when an account firs... Read More »

Does a creditor have to notify you before charging your credit card?

No person, business, or organization should charge your credit card without your express authorization, even if it is one of your creditors. According to the Office of the Comptroller of the Curren... Read More »

What is a bank levy by a creditor?

A bank levy by a creditor is a court-approved post-judgment collection procedure in which the judgment creditor seeks to obtain satisfaction for his judgment for money damages by attaching a debtor... Read More »