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After filing bankruptcy I checked my credit on-line. What does a charge off mean.? |
O.k. I filed bankrupcty 2 months ago and I checked my credit online. All my credit cards say "BANKRUPTCY CHAPTER 7, XPN: Account closed at grantors request" But my auto loan says its still open and has 2 charge offs maybe its from the loan and then when they repoed my car. At the bottom of it, it says "Comments: XPN: Amt Past Due Value is Charge Off Amt" Does this mean im done with them or are they going to try and make me pay it. Also they wrote Was "Derogatory". under payment history. Help me out please. 'Charge Off' is a specific and damaging listing. It is common for Bankruptcies. It means the company has decided they have no hope of collecting the money and have taken it as a loss/tax write off. It is the worst possible listing you can have on your credit, because it was a loan you did not pay back. It will probably stay on your credit for 7 years. 'Derogatory' is a general term within credit circles. It means they are listing information that shows you have a history of slow pay or no pay. A charge off means the creditor wrote off your debt as uncollectible. They won't come after you any more, but that charge off is on there for 7 years. It means the creditor charged it off and take off their income tax Charge off means that the creditor hasnt been able to collect and the account is no longer active. The thing is that they can come back and try to retreive that money that they charged you off for if they want to at any time. Certified Financial Counselor http://www.gogetoutofdebt.net |
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