Charge Off
When a creditor notifies credit bureaus that it has charged off a debt, it means the creditor has given up on trying to collect an unpaid debt. A charge off is a negative mark on your credit report.
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Do You Still Have to Pay Charged-off Debt?
Having debt charged off does not mean you no longer owe it. Typically, a creditor will turn over the debt to a collection agency. The collection agency will then pursue the debt. You owe the debt until its paid, settled, or discharged in a bankruptcy proceeding.
How Long Do Charge offs Stay on Your Credit Report?
Negative information, including charge offs, remain on your credit report for seven years.
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