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.
Understanding Charge-Offs. A charge-off is what happens when the creditor you owe chooses to write off your account and close it for the future. So when you have an account thatâs been âcharged-off,â you still owe that debt even though the account is closed. It doesnât wipe out your debt; only you can resolve the debt when you pay it off.