What’s a charge off?
A charge off is an entry in your credit report that indicates that a creditor has tried and failed to get a debtor to make good on overdue payments and has closed their account. Once the creditor charges off an account, they will sell it to a debt collector who will pursue the debt further.
A charge off can have a strongly negative impact on your credit score.
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With CBNA Credit CompanionSM, you can view your VantageScore® and Experian® credit report—for free! It includes access to tools like debt analysis, score simulators and credit education, which can help you build positive credit habits that support a healthy credit score.
To enroll, log in to your online or mobile banking account, look for CBNA Credit CompanionSM, and follow the instructions to sign up.
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The credit score provided is based on the VantageScore 3.0 model using data from Experian®. There are various types of credit scores, and lenders may use a different type of credit score to assess your creditworthiness.
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