May 6 • GEMS
Understanding Charge-Offs
What is a Charge-Off?
A charge-off occurs when a creditor declares your debt as unlikely to be collected, typically after 180 days of non-payment. This is an accounting action but doesn't eliminate your debt obligation.
Charge-Off Timeline
Day 1: Missed Payment
Day 30: Late Payment Reported
Day 60-90: Account Goes Delinquent
Day 180: Account Charged Off
Post Charge-Off: Debt Sold to Collections
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Understanding Charge-Offs
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