Posted: Aug 15, 2019 5:04 a.m. ET
Exactly What it means, what can be done about this, and just how it impacts your credit
Making payments late or lacking payments totally spells bad news for your credit score. Once you skip way too many re re payments, your creditor may charge from the financial obligation. Whenever your financial obligation is charged off as being a debt that is bad don’t fool yourself into thinking it goes away completely.
A debt that is charged-off result in harassing telephone calls in the home and work, garnished wages and a significant fall in your credit rating. Understanding exactly what “charged down as bad financial obligation” means together with effect this has on the credit file can help you back get your credit on the right track.
What exactly is a charge-off? Read more