What is a "CO" (chargeoff) on your Credit Report??

Question

What does that mean and what can I do to get it off??

Answer 1

it means that for the company, they have written the debt off the books. you however are still legally obligated to pay it. and they will still harass you, and possible sue you. so when the creditor comes a calling, you will get it in writing (a must) that in exchange for paying the debt, they will take it off your credit report. that the only way your going to get it off. in the next 7 years. (and that's 7 years from the last time you paid it, or in many states, offered to make a payment)
robert has one thing wrong. the company can sell the debt to a collection agency, for less then the actual debt amount. the difference is written off by the company. the collection agency will be able to collect the full amout, for the profit.they own that debt now. thats how they work.

Answer 2

A charge off means that the company has determined that the debt is uncollectable and they are no longer going to pursue it. This is the worst possible thing you can have on your credit report.
What has happened is that the company you owe the money to has either claimed the debt as a write off on their taxes or claimed the loss with their insurance company. Either way, they are no longer legally able to collect on the debt as they have already been paid for it. However, it is reported to the credit reporting agencies and whenever a creditor sees that, your interest rates skyrocket, if they will even entertain the idea of offering you credit or a loan.

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