What does "charge off" mean

It basically means that the creditor has written it off their books as a good debt.

I disagree, a charge off is taken off current creditor and sold to another to collect payment from you. It is not a good debt in no form. It's main purpose is to show this debt is basically uncollectable in the creditors eyes, and seen as such from future lenders for 7 yrs from charge-off.

I disagree, a charge off is taken off current creditor and sold to another to collect payment from you. It is not a good debt in no form. It's main purpose is to show this debt is basically uncollectable in the creditors eyes, and seen as such from future lenders for 7 yrs from charge-off.

Several years ago, a credit card company took one of our accounts as a charge off. It did not look very good on our credit report. Should have learned my lesson.
That's why I review this forum on a regular basis.
Guest-Girl