Re: What exactly is a chargeoff?

Posted by observer (205.188.209.12) on November 21, 2002 at 10:15:13:

In Reply to: What exactly is a chargeoff? posted by Snooty on November 21, 2002 at 10:00:56:

Chargeoff is an accounting term that means your creditor is informing regulators and shareholders that the chances of the account preforming are zero. The account is booked to p/l and collection activity proceeds.
A chargeoff will make it difficult if not impossible to get unseured credit at reasonable rates. You'll pay more for auto financing and insurance {in some cases}. Many landlord and employers run credit checks. Finally, should you ever wish to owna home, you'll have to pay the chargeoff prior to closing. And. expect to be hectored by debt collelctors.

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