2006-11-13 14:14:00 · 5 answers · asked by simonsays 1 in Business & Finance ➔ Credit
It means that you didn't pay your bill and the company wrote it off their books. It doesn't look good on your credit.
2006-11-13 14:17:30 · answer #1 · answered by smile4u 5 · 0⤊ 0⤋
Charged off means they creditor gave up trying to collect and will sell it to a 3rd party collection agency. The creditor takes it as a loss.
Charge offs are not forgiven, you still owe the debt. However, there are statutes of limitations on how long an agency has to make you pay up. Also be warned, that even though the SOL has run, does not mean the collection agency can't try to collect or take you to court to try to get a judgment. You must know your SOL for your state and use this defense to win your case.
Charge offs are only listed on your credit report for 7 years. The 7 yr. reporting period starts 180 days after the first delinquency and the account was never brought current.
2006-11-13 23:21:53 · answer #2 · answered by Celeste 6 · 0⤊ 0⤋
that you waited so long that they cahrged it off (waved the payment). it will still be there though. mine was like that with the electric company but when i called i still owed a bill from the 1990's.
2006-11-13 22:18:42 · answer #3 · answered by tasha 3 · 0⤊ 0⤋
It means that they have forgiven the debt or you owe nothing on it anymore.
2006-11-13 22:17:29 · answer #4 · answered by Medical and Business Information 5 · 0⤊ 0⤋
my guess..probably that you went over?
2006-11-13 22:15:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋