What does a "charge-off" on my credit report mean?

Last Updated: Jun 11, 2013 04:23AM UTC

An account listed on a credit report as being "charged-off" means the creditor does not expect to receive any further payments from the borrower. This is the point where the creditor accepts a loss on the loan.

The account must be seriously delinquent for it to be charged off: 120 days late for installment loans and 180 days for revolving credit, including credit cards.

​Having a charge-off on your credit report can seriously damage your credit score and will remain on your credit report for seven years from the date of the first missed payment.

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