Greater Nevada Credit Union [GRTR NV CU CARS CY] 451 EAGLE STATION LANE CARSON CITY, NV 89701-0000 775 882-2060 Â© Copyright 2011 by Lane Guide Lenders Online, Inc. All Rights Reserved.
A charge-off is an item on the company's income statement that is not collectible and is subsequently written off the balance sheet. A charge-off is an item on the company's income statement that is not collectible and is subsequently written off the balance sheet.
A charge-off is one of the most harmful credit report entries, short of a bankruptcy. In fact, charge-offs remain on your credit report for at least seven years from the date theyâre recorded â just like a bankruptcy. Thatâs because a charge-off is essentially a debt the creditor has recorded as âuncollectibleâ with the credit rating agencies.