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#1
 
Old 05-20-2008, 07:46 PM
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Default Question about chargesd off acct
what does charged off mean exactly?
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Old 05-22-2008, 03:53 PM
94B 94B is offline
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Originally Posted by yg2020 View Post
what does charged off mean exactly?
It's basically an accounting term.The amount owed has been classified as a loss in the creditor's financials. And...technically, the money is still owed and subject to collection attempts by both the OC and/or CA since it doesn't erase the debt, only that the status of it has changed in the books/records.

Charge offs can have great impact on your credit rating can remain on your credit report for up to 7 years.
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