What does Charge Off mean on my Credit Report? Does Charged Off mean I don't have to pay?

We discuss the ins and outs of charge offs and what they mean to you.

[CRYPTSTACKR]

the government is $30 Trillion in debt and we all know that they will never pay they down or off and these banks and financial institutes have the audacity to give me a credit score. absolute BS!!

[CuteSeamus]

from what you said there is no way to remove a charge off from your credit history. at all. period. take the seven year slump on your credit score. save and rebuild your credit score. then move on.

[maxfreight]

Thank you sir for your info, you have saved me 20K + lawsuit that was eventually coming because of this info I've called the bank that I had a issue with and made arrangements.

[nayg]

They can’t sell your information without your knowledge! Dispute it!

[THEREALSHOTIME]

A charged off account that’s been sold. Has to say sold for less or has to be deleted. And the balance has to be zero. And collection mostly they won’t have all documents on that account so that won’t be hard to delete

[chevybronco]

The balance was paid when we signed for it you guys. We are the creditors don't let anyone tell you any different.the banks don't lend money.. and negative reporting is illegal ..learn consumer law

[TonyNoCeilings]

Scam sounds more like the "legal term" 🤣 They get a tax deduction but you still on the hook.

[Rizzzstir]

I currently have lots of charge offs, damm. Well thanks for the vid.

[brentfields]

Can you do a video on getting a chase card after you had a charge off with them in the past. Maybe how to talk to them on a reconsideration line or something?

[chadcarlson]

Hey Adam! 3rd youtube acct of yours I have subscribed too haha thanks again for all the help!!! Do you do this for a living?

[oxomusiq]

hey Adamanswers, I wanna learn how to fix my credit and come up. Thank you for your help!

[joesmoe]

I just don’t freaking get why in this day an age they can’t flipping give me a warning. I didn’t even know this was a thing! I was fully planning to pay my card off soon and if I’d been given an email warning or an app warning I wouldn’t be in this mess! 11 years of being 700+ close to 800 and 6 months gets me screwed?!

[srivaitaran]

Hi Adam, thanks for the detailed explanation . If there is a charge off on my account, will I be able to open a new checking account?

[AryanAli]

after charge off and account sold to collection agency . who is reporting now . but on report it says the original credit . but they already sold how come they still reporting it

[kofieduful]

I had a credit card charged off after we went to court about the credit card and now is been charged off and is been abt 5 years plus. Now I just went back to the bank that the credit card was with to do business with again but they telling me that credit card that was charged off needs to be settled with the other company that the card debt was sold to. So question is do I have to pay this debt or call the company and settle that debt so I can have a good business terms with that bank again or what should I do please.

[LtCommanderJosie]

I was given a IRS tax form that the credit card company did A charge off. I had to include that charge off in my annual income. Which I did and paid it which put me in a higher tax bracket. However, I did negotiate a settlement on the credit card before I got divorced which I forgot about.
Can I go back to the IRS and say that AX settled with me and then charged it off. Why would they do that because they can? Is there some type of insurance they have with the federal government?

[lionroaring]

Discover chargeoff is in-house. Credit score improves only after 7 years deletion.

[thatlonerotaku]

Getting your credit fixed. Can remove the charge off?

[SuperNewMom]

Thank you for answering this objectively from different angles. I have a credit card balance showing collections/chargeoff on all three reports which is factoring into my utilization at 136% so it’s hurting me bad. The report says the name of the Creditor but a collection agency is the one contacting me and sent a settlement letter. If I settle will the original credit remain on my credit? I’m co fused here.

[gypsyfox]

Ok a loan co. I took out a small loan, I offered them a partial payment (my sister passed away) they refused it, I refused to pay anything else another loan co. Took m