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roxi
Mar 23, 2007, 09:53 AM
What exactly does credit card chargeoff mean on a credit report?

ScottGem
Mar 23, 2007, 09:57 AM
It means that the creditor took the balance that you owed them and wrote it off as a loss against their income. Which, in turn, means that you didn't pay your bills.

Dr D
Mar 23, 2007, 10:11 AM
It also means that the debt will not just go away. The creditor can, and most likely will put the acount into collection and can take you to court and secure a judgment against you.