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What does it mean when something has been "charged off"

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Anonymous

Asked by Anonymous at 11:52 AM on Dec. 17, 2008 in Money & Work

Answers (6)
  • It means that they wrote it off as a bad debt. IT will go on your credit report and depending on what it was how they will pursue it. A lot of times if it is a bank they will just take the loss and report it to the credit bureau and leave you alone on smaller amounts. Now larger amounts they may try to pursue you. LIke credid cards, they will harass you for a while , then sell the account to a collection agency and they will harass you. The bottom line is you won't get in any real trouble for it. You will just have the crap harassed out of you. Trust me . I have numerous charged off credit cards.
    Anonymous

    Answer by Anonymous at 12:09 PM on Dec. 17, 2008

  • It means you had credit card debt that went so long without being paid that it was written off as a CHARGE OFF. You essentially won't have to pay for it, which is kinda like stealing, but that CHARGE OFF will be on your credit record for at least a minimum of 10 years. Everytime you have to have your credit run for a job, for a loan, or for any other reason, that will be there and hinder your chances of qualifying for anything. Especially right now in today's society. The only way to have it removed is to pay the debt in full and then write the credit report companies showing proof of payment and they should take it off within a short period of time.
    goinginsane1

    Answer by goinginsane1 at 12:11 PM on Dec. 17, 2008

  • as of on your credit history? it means that the 7 years it's been on your credit report unpaid it's been taken off. so when you purchase something using your credit report it want effect you in a negative way. however your score may be a lil lower but if you get a credit card and keep it paid then the payment history will reflect on your score
    MommaSyrup07

    Answer by MommaSyrup07 at 12:11 PM on Dec. 17, 2008

  • #1 and #2 are exactly right on the charge off. Unless you pay it...it will continue to hit your credit and hit hard. Charge off's lower your score A LOT.
    mamakirs

    Answer by mamakirs at 2:01 PM on Dec. 17, 2008

  • A bank will call any money owed on an overdrawn account that has been closed a charge off. So if you bounce checks and they close your account they call that money for fees owed a charge off...at least they do at 5/3 bank.
    salexander

    Answer by salexander at 3:11 PM on Dec. 17, 2008

  • Just that the bank charged it off as a bad debt. It DOES NOT mean they still can't collect on it. You still legally and morally owe the money.
    Anonymous

    Answer by Anonymous at 8:18 PM on Dec. 17, 2008

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