Explanation
A charge-off is one of the most damaging items on a credit report. It generally remains for seven years from the original date of first delinquency.
After charge-off, the debt is frequently sold to a collection agency or debt buyer, which can result in a separate collection tradeline appearing alongside the original charge-off.
Examples
- •Unpaid credit card balance written off after 180 days
- •Auto loan deficiency balance after repossession
- •Personal loan no longer being collected by the original lender
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