"Charge offs" refers to the process of a lender declaring a loan or debt as unlikely to be repaid and removing it from their balance sheet. It means that the lender no longer expects to recover the money owed and considers it as a loss.
Sentences with «charge offs»
Why removing charge off account from your credit history increase your credit score? (joescreditrepair.com)
If that was the case, it would have been nice if the credit union had notified you of any remaining balance instead of charging off the account. (rebuildcreditscores.com)
The loans currently show as charged off on my credit report.. (getoutofdebt.org)