What Does this statement mean? Status- Account charged off.$17,036 written off $20,108 past due as of July -2011.

Asked over 1 year ago - Denver, CO

This was on credit report dated Aug. 6,2011

Attorney answers (3)

  1. Deborah F Bowinski

    Contributor Level 17

    3

    Lawyers agree

    Answered . It means that while you still owe the debt, the original creditor has written off the balance from their books. They may or may not have referred or sold the account to a collection agency.

  2. E Dwight Taylor

    Contributor Level 13

    Answered . When a creditor charges off a debt, it only means that the creditor is no longer reporting that as a performing loan or an asset on its books. It has nothing to do with your liability on the debt.

    This general response is not intended to be legal advice because I don't have all the facts. The particular facts... more
  3. Todd Michael Boudreaux

    Pro

    Contributor Level 11

    1

    Lawyer agrees

    Answered . I agree with the previous answer. Realize that a "charge off" is an accounting entry for the creditor. it does not mean that the debt has gone away or that the creditor or a collection agency cannot try to collect the debt from you.

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