What is a write-off on a credit report?
by 
The Curious Bag
ANSWERS: 1
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A write-off on a credit report, officially called a charge-off, is when a lender has given up hope that the consumer will repay a debt as agreed. This can seriously damage a person's credit.
Time Frame
A write-off reports on your credit profile for seven years, according to the Fair Credit Reporting Act (FCRA.)
Considerations
Paying the debt will not remove the charge-off from your credit. However, it will update as paid, according to the Experian credit bureau.
Effects
A R9 rating results from a debt write-off and is considered one of the most negative credit events possible, according to Equifax.
Consequences
Sometimes a debt write-off can lead to you being sued and/or having your wages garnished, which can further damage your credit standing and overall finances.
Your Rights
If a charge-off that did not happen appears on your credit report, you have the legal right under the FCRA to dispute it.
Source:
FTC: Fair Credit Reporting Act
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