If a Creditor Was Charged Off, Do I Still Need To List Them?
When it comes to your credit, it's important to understand the difference between a charged-off creditor and one that is simply no longer reporting on your credit report. A charge-off occurs when a creditor writes off an accounts receivable as bad debt because it has gone unpaid for too long. However, this does not necessarily mean that you are off the hook for the debt and you may still need to list them.
If a creditor has charged off an account, it will remain on your credit report for up to seven years from the date of charge-off, which can have a negative effect on your credit score. The best way to avoid having this happen is to pay any outstanding debts before they reach charge-off status.
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