I thought a charged off account meant that the creditor took a tax break, and the debt couldn’t be sold. Is that incorrect?

Answer

When credit card companies write off debts, the next step is difficult to examine, but once the debt has been written off, they can receive an insurance payoff, a tax credit, or sell the debt at a junk debt auction.

Updated on May 13, 2018

Original Article:

You Can Beat Credit Card Debt Collectors
By Brian Gray
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