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Charged Off as Bad Debt: An Explainer

Credit Corp

When you miss too many payments, your creditor may charge off the debt. A charged off debt can lead to harassing phone calls, garnished wages, and a major drop in your credit score. This could include suing you in court for what you owe and requesting a garnishment of your wages. Reach out to the creditor for help.

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Dealing with Debt Collectors

Debt Free Colorado

The Fair Debt Collection Practices Act (FDCPA) does not apply to original creditors or cover company obligations. The Colorado UCCC, in addition to the federal FDCPA, gives additional safeguards to original creditors, third-party debt collectors, and debt buyers.