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Please Explain What A Charge Off Is On A Credit Report

What does it mean to have a "charge off" on a credit report?

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Please Explain What A Charge Off Is On A Credit Report

When a creditor charges off your account it is declaring your debt as a loss for the company.

The only way to remove a charge-off from your credit report is to wait seven-years or to get the company to remove it which is unlikely.






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