2006-11-12 13:58:24 · 3 answers · asked by dewbellows2004 1 in Business & Finance ➔ Credit
If you are referring to a write-off of a credit account, that means the borrower stopped paying on the loan for at least 6 months, the lender sees they won't get paid so they take if off the active collection accounts roll, & call it a written-off account. Typically the delinquent account is reported on one's credit report and can stay for 7 to 10 years.
2006-11-12 15:17:21 · answer #1 · answered by $$Cypher 2 · 1⤊ 0⤋
The account was never paid and was eventually written off due to lack of payment. This is not something you would want to be on your credit report.
2006-11-12 14:11:58 · answer #2 · answered by rosey 7 · 0⤊ 0⤋
The account was never paid and the creditor reported it as an income loss on their taxes.
2006-11-12 14:15:18 · answer #3 · answered by Mariposa 7 · 0⤊ 0⤋