What does a charge off means on my credit report?

Question

Even though I have already paid off that specific creditor completely.

Answer 1

A charge off means that the creditor realized that they wouldn't be able to collect the entire amount owed them (original loan, interest, fees, etc) and simply gave up on trying to collect the debt.

They may have sold the loan at a much reduced rate to a collection company, but they still report to the credit reporting agencies that you didn't pay them.

A charge off is one of the worst marks you can have on your credit record. It makes other lenders think you won't pay them, either, and they are reluctant to loan you any money.

Answer 2

Charge off as defined by credit reporting agencies is the
action of transferring accounts deemed uncollectible to a category such as "bad debt" or "loss." Such accounts will usually continue to be pursued by collectors, but are no longer considered part of a company's receivable or profit picture because they are unlikely to be repaid in full. If you have in fact paid this account you have to dispute the the report and state that the account was in fact paid.

An account that is "charged off" is just about the worst thing that you can have on your credit report.

Answer 3

The credit card company charged off the delinquent amount which is still considered unpaid. You'll need to contact a debt attorney to get all your credit/finances in order.

Answer 4

You need to make a dispute on that report, then. Let the credit reporting bureaus know that you paid and they will put that on your record, too.

Answer 5

It means they are going to take their sweet time clearing it on your credit report. They've done this to me, too. It almost seems like payback in a way for taking your time on paying them back.

Answer 6

the company the charge originally you owed to sold it to a collection company