Reported 15 days ago
A credit card charge-off occurs when a debt remains unpaid for an extended period, typically 120 to 180 days, and the creditor considers it uncollectible. While this classification does not eliminate the debt or your responsibility to pay it, it significantly harms your credit score and may lead to collection actions. Charge-offs stay on credit reports for up to seven years, but paying off the debt can improve your status despite not removing the mark. Avoiding charge-offs is crucial, and if you're struggling, contacting your creditor for support is advisable.
Source: YAHOO