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    roxi's Avatar
    roxi Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 23, 2007, 09:53 AM
    Credit card chargeoff
    What exactly does credit card chargeoff mean on a credit report?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    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's Avatar
    Dr D Posts: 698, Reputation: 127
    Senior Member
    		  
    #3

    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.
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