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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.
Learning what charged off means and the impact charged-off debt has on your credit report can help you make informed decisions to get your credit back on track. Here is what you need to know about the meaning of charged off. What Is a Charge-Off? Having a charged-off debt means you have not been paying the full minimum payment on money you borrowed for a significant amount of time.