what does charged off debts mean
Charge Off. When a creditor notifies credit bureaus that it has charged off a debt, it means the creditor has given up on trying to collect an unpaid debt. A charge off is a negative mark on your credit report. Do You Still Have to Pay Charged-off Debt? Having debt charged off does not mean you no longer owe it. Typically, a creditor will turn over the debt to a collection agency. The collection agency will then pursue the debt.