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Credit report help

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Junior Member
What is the name of your state? AZ

I have a question about info on credit reports. I recently obtained my credit report. I had a car repo'd in August 2001. I was sent a letter that informed me that my car had been sold at an auction. That was it. On my credit report the finance company is listed. It says in the status area: "Transferred. Account charged off. $$$$written off." I understand that the remaining debt was transferred probably to a collection agency. What does a write-off mean? Thanks for any help. I'd like to get this taken care of ASAP!!

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