- When a credit card company charges off an account, it means they are reporting it as a loss for their accounting records. A charged-off account is the same as a bad debt or uncollectible account.
- Accounts are charged off when a customer has not made a payment in 180 days. This information is reported on a credit file for seven years. Charged-off accounts can lower your credit score significantly.
- If a charged-off account is reported on your credit file for a period longer than seven years, you may want to submit a written dispute with the credit reporting agency. They will investigate and have the information removed within 30 days.
- Charged-off accounts will show up on a credit file as an I-9 or R-9. The "I" stands for installment and the "R" stands for revolving account.
- A credit card company will report a charged-off account to the IRS for tax purposes.
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