credit report wording

[walfam]

Does anyone know what it means when your credit history on an account reads:

Account was closed because of Charge Off

Unsecured

Cancelled by Credit Grantor

Thanks

[LadynRed]

<blockquote>Originally posted by walfam

Account was closed because of Charge Off

Unsecured

Cancelled by Credit Grantor

Thanks

</blockquote>

Yes.. it means the creditor closed the account, not you

Unsecured refers to credit cards

Charge-off means they wrote it off as a bad debt, its purely an accounting mechanism and they get a tax write-off. It also means it was most likey assigned or sold to a collection agency.

[walfam]

Thanks