5+ Ways What Is A Charge Off On Credit Report. This is possible for credit card balances, mortgages, and other types of debt. A creditor decides you probably won’t pay back the debt and stops you from making additional charges on the account after your account has become seriously delinquent.
Wait for the results (30 to 45 days). Have the person who helps you fax you a copy of the agreement on the company's letterhead. A car loan charge off could happen with or without repossession of your vehicle.