charge off??

[jolida72]

What is the name of your state? ny. sorry to sound so ignorant but could someone please tell me what an account charge off is? its on my husbands credit report for a cc debt. thank you

 

[bigun]

Chargeoff is an accounting term where a financial institution informs regulators and shareholders that an account is worthless and must be written off as a bad debt. FDIC regs require cc's to be chargedoff at 180 days from first deliquency. It does not mean the debt is forgiven or, that collection activity must cease.