I am new at all of this and have a million questions. Here is just one of many. I have always wondered what happens after an account has been charged off? I am assuming that the OC gets a tax break for the loss. If so, do they still get this break if you eventually pay? Do they have to report the collection as a profit if they already received the tax break? Once the account has been charged off do they pretty much sign you over to a collection agency and see if they can get anything from you, and "forget" about you until they hear from the collection agency? Just one more for now, what happens if you request validation from the Collection Agency and they are not unable to validate? I seriously doubt it just goes away. Do they report this back to OC (who in turn takes legal action) or just transfer your account to a different company? I know this is a lot at once, and probably a bit confusing but like I said earlier, I am new at this and have a million questions (and almost as many derogs). Your patience and input will be greatly appreciated!
