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What is a charge off?
When you become very delinquent on an
account, typically 180 days or more of delinquency, the creditor will probably charge it off. This means that they
have written the debt off as a loss for tax purposes. They will also report the account as a charge off on your credit reports. This does not
mean that they have given up collecting on the debt. The creditor is
now likely to either sell the debt to a debt collection agency or send it to their in-house collections department.
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What is a credit report?
What information appears on a credit report?
How long do negative items stay listed?
Can I see my credit report?
How much bad credit does it take to be denied credit?
Who looks at my credit report?
What is the difference between an R1 and an R9?
What is a charge off?
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