Legal Question in Credit and Debt Law in Virginia

auto loan charge off

what is a charge off on my credit report

Asked on 4/25/07, 12:34 pm

1 Answer from Attorneys

Michael E. Hendrickson Attorney & Counsellor at Law
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Re: auto loan charge off

It means that the company you've borrowed the money from (or owe the money to) has decided that your loan is likely uncollectable and therefore it should no longer be counted as a company or business asset. This in no way implies that you no longer owe the money or that it cannot now be collected from you. In other words, a so-called "charge off" amounts to little more than an accounting maneuver by a business, moving an item from the + side of the company ledger to the --.

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Answered on 4/25/07, 4:16 pm

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