shaneIrish Posted December 5, 2003 Report Share Posted December 5, 2003 My VISA card was Charged Off in April..I paid it off completely in May $0 balance.Can the bank that issued it still report it as a loss and write-off?The debt was not sold, I was threatened with a lawsuit , but paid the account before that happened. Link to comment Share on other sites More sharing options...
DocDon Posted December 6, 2003 Report Share Posted December 6, 2003 A charge-off or "profit / loss" is a financial tool the creditors use when an account defaults. The company writes it off as a business loss and reports those losses as well as their profits to the IRS at tax time.In extreme cases, the IRS can consider your charge-off as income, and hold you liable.Since you paid it off, it should report as "paid charge off". It will stay on your report for 7 years. Your job is to dispute the account and try to get it to drop off. Link to comment Share on other sites More sharing options...
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