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.
Report Abuse. It's an accounting term that means that your creditor wrote the debt off as noncollectable. It does not mean that they can no longer try to collect, they can. A charge off is a disaster for your credit rating and when it occurs, there's no undoing the damage.