Legal Question in Credit and Debt Law in Tennessee
charge off
I havent made a car payment because i lost my job my contract said no grace periods. so i looked on my credit report it says its a charge off what does that mean?
Asked on 2/09/08, 4:04 pm
1 Answer from Attorneys
Robin Gordon
Gordon Law Group, PLC
Re: charge off
It means that the creditor has written the account off on its accounting books. The creditor can continue to attempt to collect the debt or may elect to sell the debt and allow another company to collect. Good luck.
Answered on 2/11/08, 11:07 am
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