What is a “charge off,” and what does it mean?
I have a credit card account on my report that has gone to a collection company and was written off by the credit card company. If I make a deal with the collection company to start a payment plan and pay this off, will it affect my credit in a positive manner or is it too late for that? Also, does the collection company have to report the timely payments to you to show it is being paid?
What does it mean when Account Type/Status says “Charge Off”? Does this mean I no longer owe this amount?