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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.
Most companies that have âcharged-offâ your debt have probably tried to collect it for 6 -12 months already before charging it off. Charge-offs can stay on your credit report for seven years from the date it was charged off.Therefore, it could stay on your report for 7- 7.5 years or more! Thatâs a long time for negative information to remain on your reports. Just because it says Charge-Off does not mean the debt is forgiven by the creditor.ost companies that have âcharged-offâ your debt have probably tried to collect it for 6 -12 months already before charging it off. Charge-offs can stay on your credit report for seven years from the date it was charged off.