A charge-off is an accounting term used by creditors to mean a debt is not collectible and is being written off as a loss on their financial statements. This usually happens after a borrower has missed payments on an account for an extended period of time, 120 to 180 days depending on the creditor and type of account.
Credit Reports:
Debt Still Owed:
Not Debt Forgiveness:
Types of Accounts that get Charged Off:
Charge-Off Rehabilitation:
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