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Difference between paid and unpaid charge-off?

If you fail to pay a debt for a period of time (usually around 180 days), the creditor usually assumes it will not be paid, balance due off his books as a tax deductible "unpaid charge off".

Unpaid charge-off example

If you then pay the debt after it has been paid, it is a "paid charge off". Once you pay the debt, the creditor will change the status to paid charge off.

Paid charge-off example

Paid in Settlement Charge-off

This means settled for less than the full amount.

The monetary amount of the settlement is not recorded.

If the creditor enters that special comment, it is viewable by anyone accessing your Credit Report up until the normal Credit Report deletion date for the item of information.

Paid in settlement charge-off example

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