It brings down the credibility and creditworthiness of individuals. Furthermore, it clearly signals to lenders that you have defaulted on repayments earlier. It also hampers access to future personal loans, home loans, and credit cards. Here’s what you need to know.
In conclusion, charge-offs last seven years, but their impact reduces with time. Discipline, composure, on-time repayment, and monitoring can help you restore your score sooner.
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