• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

charged off

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

W

wagszrx

Junior Member
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??
 


L

Ladynred

Senior Member
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.
 
You must log in or register to reply here.

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top