What does it mean when you have a debt that has been written off on your credit report?
2007-12-06 06:33:33 · 3 answers · asked by ♫Joshua's~♥~Girl♫ 5 in Business & Finance ➔ Credit
I just went through a divorce and we had some marital debt that hasn't been paid yet, and my loan officer at the bank said I had some credit card debt that was written off. Just a little confused....
2007-12-06 06:34:48 · update #1
Write off / charge off are accounting terms that simply mean the lender did not think they would be able to collect so they wrote the account off as a loss.
This doe's not mean that you do not still owe the money it just means that the original creditor wrote it off and sold the account to a collection company.
You should be contacted by the collection company soon.
2007-12-06 06:39:18 · answer #1 · answered by ? 7 · 5⤊ 0⤋
The credit card company wrote the bad debt off their books. You're in default and still owe the debt. The debt has probably been sold off to a collection agency.
2007-12-06 06:40:15 · answer #2 · answered by bdancer222 7 · 2⤊ 0⤋
It means you have not paid a CC debt and it was written off as bad debt, This is not good. CC companies usually dont write off a debt unless you dont pay it for a long time.
2007-12-06 06:52:57 · answer #3 · answered by KathyS 7 · 1⤊ 0⤋