Charge-Off – What exactly is it?
Keeping your credit score high is incredibly important for many people, particularly those who rely on debt to finance homes, vehicles, or anything else that may come up throughout life. Paying bills on time is an important part of keeping your credit score high. On the other hand, failing to pay bills can result in a dramatic reduction of your credit score. One of the worst things that can happen to your credit score is for your of your creditors to report a “charge-off” on your credit report.