A charge off is an entry on the credit report that indicates a creditor has tried and failed to get payment, and has given up. The creditor closes the account but the debt appears as charged-off on the credit report and the creditor may continue to report the past due amount. Often creditors charge off accounts at the point of six months without payment. A charge off is a form of write off. However, the creditor may attempt to collect the debt by sending it to a collection agency or by selling the debt to a debt buyer.
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