charge off
A 'charge off' occurs when a creditor removes a debt from its financial records, deeming it uncollectible, though the borrower is still responsible for repayment.
Definition
C1Accounting
(technical)To officially remove a debt from financial records as it is considered uncollectible.
Example
- The company decided to charge off the overdue invoice after multiple failed collection attempts.
C1Credit Reporting
(formal)A declaration by a creditor that a debt is unlikely to be collected, negatively impacting the borrower's credit report.
Example
- The unpaid loan was charged off and appeared on his credit report, affecting his credit score.
Similar
Terms that have similar or relatively close meanings to "charge off":
write offcharge downgo offpass offclear offmake offride offfob offdo offpay offblow offrack offcross offbear offtouch offdrive offwork offburn offwire offfire offchuck offstrike offsend offlet offfork offcast up one's accountshead offcharge upcall offsee offwalk offdebit accountwear offlook offshoot offplay offtake offcome offcarry offcover chargesign offscore offturn offswitch off