I have read some people here get charge off. What is it? Should I be worried about it?
Thanks
Thanks
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I am NOT an attorney, anything I say here is not a legal advice. -
Charge is simply an entry an original creditor makes when a debt goes unpaid for six months. What it means is that the creditor has listed the debt as a loss on the creditors balance sheet. Otherwise, it has no other legal significance. The debt remains fully collectible. And yes, it is a very bad entry to have on your credit report.
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