Meaning of charge offs

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What Is the meaning of Charge Off? A charge off is when a consumer is very late on a payment (mostly 120 days or more) that the credit company claims the debt as a loss. Usually these accounts come from credit card accounts, utility bills, medical bills, loans, or any type of account that is not paid on time. Many consumers think that they no longer have to pay a debt once it is charged off, however this is not really true. Even if the lenders receive their payments after the charge-off appears on your credit it can stay on your report and affect your credit. Your account may be closed and the lender may opt to use their own collection agency or sell your debt to a third party company that will attempt to collect from you.now there are some questions which has to be answered like
How does a charge off affect my credit and credit score?
How can I avoid a charge off in the future?
How can I improve my credit and credit score after a charge off?

Author - jr will
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