I once had an AMEX Credit Card. I got in trouble paying it. It took me a long time to get caught up with it. The finally sent me a settlement letter and told me I could pay a portion of it and it all be said and done. Well, I got a debt consolidation loan and paid the FULL amount to them. This was 08/2008. Well, now my Equifax Credit Report says "Charge Off". What does this mean?
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How to Improve Your Credit Report
When an account defaults, they use an accounting term called a "charge-off" to note that the debt has been written off. Charge-offs are really bad on your credit and they stay for 7 years….paid or unpaid…even if you paid the debt back in full…it will still stay for 7 years (sorry).
It means you did not pay the loan back in full and your account was charged off as a bad pay.
Most times it means it was sent to collections.
If you indeed paid it off in full
WRITE, do not call who you paid thru and have them change it to paid.
OR better yet just dispute it with the credit agencies and let them do the foot work. Be sure to dispute with all 3 agencies.