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Charge-Off |
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Eliminate or write off. The term charge-off is used to describe the process of removing from the records of a company something that was once regarded as an asset but has subsequently become worthless. A classic case is the bad debt, which is an uncollectible debt. A bad debt is a permissible business tax deduction, and a non-business bad debt may also be claimed as a charge-off in the year the debt becomes entirely worthless. Charge-off is generally used in reference to a charge or debt that is not paid when due. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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However, as is discussed below, case law suggests that the charge-off requirement of Sec. First things first, It takes at least seven years for a charge-off to be removed from your credit report. 5) states where the average proportion of outstanding loans that banks charge-off is higher tend to experience higher bank closing rates. |
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