"Charge off" on a credit report means the creditor has deemed the account uncollectable. The creditor will then write the debt off and sell it to a collection agency. The collector adds it to the debtor's credit report for seven years (unless removed), dropping their score up to 100 points.
What Is A Charge Off On A Credit Report?
A "charge-off" happens when a creditor closes an account to further use, but the debt is still owed. Often this occurs 120-180 days after payments on the debt have stopped.
Get Your Charge Offs Professionally Removed
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.
If you're looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on (833) 243-0464 or setup a consultation with them. They also happen to have incredible customer service.
Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.