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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.
At first look, it sounds almost positive, as if implying that a balance has been eliminated, removed and paid off. In reality, however, a charged-off account can actually mean trouble for your credit report and financial well-being. Here are the important things you need to know about charged-off debts.