What does charge -off mean on a car in your credit report?

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What does charge -off mean on a car in your credit report?

2007-01-24 15:36:24 · 2 answers · asked by jen 2 in Business & Finance ➔ Credit

2 answers

It means they took a loss on it because you couldn't pay. Also, it means you have BAD credit.

2007-01-24 15:45:22 · answer #1 · answered by au197_0 3 · 0⤊ 0⤋

I work for a bank, when we "charge-off" an account it has been sent to an outside collection agency to pursue payment. It also means your account/loan has been taken as a loss to the company (will most likely neve be paid back). This is very bad for your credit.

2007-01-25 00:01:17 · answer #2 · answered by Ali 2 · 0⤊ 0⤋