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Old 03-03-2005, 06:18 PM
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Join Date: Jan 2005
Posts: 17

charged off

What is the name of your state? OREGON

I got a letter today from a CA about a BOFA visa i had. I was going to send a validation letter. I saw on my credit report that it was charged off. What does charged off mean??
  #2  
Old 03-03-2005, 06:45 PM
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Join Date: Feb 2002
Location: Nashville,TN
Posts: 15,706
Its an accounting function. They wrote off your account as a bad debt, uncollectable, moved to the non-performing (not paying) side of their books. For that they get a tax writeoff and then they farm it out or sell it to a CA or junk debt buyer. You still owe the money, but the creditor is done with it.
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