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The Truth About Charge-Offs and Your Credit Report

Your credit score is determined by three credit bureaus on the basis of how you have made your payments and handled your debts. A lot of factors influence your credit score and one of the less desirable things to have on your credit report is a charge-off.  A charge off is an unpaid amount  that is documented in your credit report after a certain period of time. Creditors who do not receive the money owed to them are the ones who declare these accounts as charged-off and the consumer is the one who is left to suffer the consequences.