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It is a term used by credit card companies to indicate they are ending attempts to collect the debt. Then they list it as a bad debt tax loss. This does not mean the account holder is "off the hook". More than likely the account will be bought for pennies on the dollar by a third party collector. The REAL collection process will start, which may, if the debt is not satisfied, culminate in a lawsuit.

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20y ago

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Chargeoff means that you did not satisfy debt, and the company took the lost.This is placed on your credit as debit being owed and charged-off.

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19y ago
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Q: What does 'chargeoff' mean?
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