On experience what does charge-off Paid, Closed mean?
-I attached a photo of what it says.
- oklatomLv 72 months ago
A ding on your credit that remains there for 7 years.
- SlumlordLv 72 months ago
They gave up on collecting this debt, charged it off (essentially wrote it off as uncollectable) and closed the account.
- Anonymous2 months ago
not readable but it means bad credit for 7 years and you still owe.
- 2 months ago
A charge-off usually occurs when the creditor has deemed an outstanding debt is uncollectible; this typically follows 180 days or six months of non-payment. In addition, debt payments that fall below the required minimum payment for the period will also be charged off if the debtor does not make up for the shortfall. The creditor crosses off the consumer’s debt as uncollectible and marks it on the consumer’s credit report as a charge-off.
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- JudyLv 72 months ago
You owed them money and didn't pay, it was not in their interest to go to the time and expense of trying to get their money so they just wrote it off and closed your account. It is a ding on your credit for not paying what you owe.
- Barkley HoundLv 72 months ago
The lender gave up on collecting. They may still sell it to a collector. Your credit may be ruined.