A charge-off is when a lender writes off your account as a loss and closes the account for further use. You are still legally responsible for the balance that is charged off. The lender may transfer ...

The most common question I receive is “How much will a late payment, collection, charge-off, etc., affect my score?” The amount your score will drop varies from bureau to bureau, and there is no set ...

When borrowers fail to make timely payments on loans or credit cards, banks can take one of the most serious actions against ...

The Fair Credit Reporting Act (FCRA) states that any derogatory item on your credit report, such as a collection, charge-off, late payment, etc. will remain on your credit report for seven years from ...