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In this video, Adam Jusko explains what a "charge off" means on a credit report. A charge off occurs when an individual fails to pay a loan, typically a credit card, for an extended period. Once enough time has passed without payment, the lender concludes they are unlikely to collect the debt and decides to write it off as bad debt for tax purposes. This action signifies that the lender has essentially given up on recovering the owed amount. Adam also encourages viewers to subscribe to his channel for more insights.