← All termsGlossary
What is a charge-off (written off)? Credit report terms explained
a charge-off (written off) explained in plain language for Canadians: what it means on your Equifax or TransUnion report and what you can do.
What a charge-off (written off) means
A charge-off means the lender has written the debt off as a loss in its books. You still owe the money, and it is often sold or sent to a collection agency. It is reported as a serious negative item.
General information only, not legal advice. Laws change; check the current rules for your situation.