Hi Everyone, I know this is a dumb question, but what does it mean when it is says it is about to be charged off. Also, what happens then?
Usually after 180 days of unsuccessful internal and external collection attempts, the company is about to write off the account as a bad debt. A CO is very bad, but you're better off paying it, if not for the sake of your score, but for the sake of future credit needs. Negotiate if possible, or it can turn into a 7-yr bitter pill.
