My credit report says that my debt is Charged off. So I don’t owe it, or do I?

Federal law requires that creditors mark installment loans as a “Charge Off” after 120 days of being past due.

Credit cards, also known as revolving credit accounts must be charged-off after 180 days.

The sole reason for declaring a debt a Charge Off is to give the creditor a tax exemption on the debt.

The charge-off, does NOT mean that you do not owe the debt.