cstar,
When a company charges off/writes off a debt, it is considered closed.
CO is just an accounting term. After a certain period of time, they write the amount off and claim it as a loss for tax purposes. So that is why it can be reported as closed/paid/written off.
They can still try to collect on it.........and if they do, they will most likely continue reporting a balance. Once they sell it to a CA, they usually zero it out.
Hope that makes sense.
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