97Special Condition Codes
Status Code 97: Charge-Off
Unpaid balance reported as a loss by creditor
Overview
- Used when creditor writes off debt as uncollectible
- Typically occurs at 180 days delinquent per FFIEC guidelines
- Does not extinguish consumer's obligation to pay
- One of the most severe negative statuses on credit reports
Common Use Cases
- 1Credit card debt written off after 180 days
- 2Unsecured loan charged off as bad debt
- 3Deficiency balance charged off after collateral sale
Reporting Guidelines
- Report balance at time of charge-off
- Maintain accurate Date of First Delinquency
- Include charge-off date
- Continue reporting until account is paid, settled, or sold
- Update to 64 if subsequently paid in full
Other Special Condition Codes
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