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 a write-off on the debt owed. The concept of a charge off is an accounting remedy that shows the asset is no longer on the books - essentially assuming the debt will never be paid. Even though a charge-off has been placed on your credit, the creditor will continue to make collection attempts.