New Delhi, Sept. 22 -- To put it simply, a charge-off is one of the most serious and damaging entries on an individual's credit report. Such an entry can complicate future borrowing potential and can stay on the borrower's credit reports for years.

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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