When an account is “charged off,” that means a customer has been delinquent for at least six months (7 missed minimum payments). Once an account has reached charged off status, it no longer accrues any interest and the company goal becomes recuperating as much money as possible on the balance. On the customer side, it’s in their best interest to address this debt, as it’s reported to the credit bureaus and can reflect positively on a report. All credit card companies have what’s known as a “Settlements platform,” whose intention is to allow and encourage customers to sign up for repayment plans. Mission Lane needed to bring their platform in-house to address the cost, poor customer experience, time spent by agents servicing these accounts, and match or exceed the recuperation of costs.