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A Charge-Off is one of the most damaging credit notations you can have on a credit report. It can ruin a good credit score for up to 7 years. Charge-offs occur once a debt has been uncollected for up to 180 days. The creditor no longer counts the money you owe as a source of profit, but instead, charges it off as a loss.


7 Essential Facts about Charge-Off Accounts

Charge-off accounts may be sold to a collection agency causing both negative accounts to appear on your credit reports. Paid charge-offs may not get it removed unless the lender agrees to delete.