What is a Charge Off? When you haven’t paid on an account for 6 months to a year, creditors will often mark the account as a “charge off”. This means that the creditor has determined they’ll likely be unable to collect on the debt. The creditor may then send the debt to a collection company to recoup what they can. A single charge off can cause your credit score to drop 100 points or more 😬 There are ways to dispute charge offs, along with other negative items on your credit report. 📲 contact us today to find out how.
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