After a long discusting fight with a finance company, I finally settled on a auto loan back in 2004. I was told that for $4000.00, Te vehicle would be paid in full! I agreed to pay $4000.00 and the finance Co. would show a zero balance and write a letter stating the account was closed and settled. Well 5 years later, My credit report shows "charge-off, seriously past due, etc. (although it does show a zero balance) it is GREATLY affecting my APR in all of my transactions, It makes me look like a
$%#@bum! I have written to all of the big 3 asking for removal. So far, no luck! I make $250,000.00 annually. I own a $400,000.00 house (OUTRIGHT) I have 4 collectable cars, My business make Millions! Every item on my credIT report is PERFECT except for this one. I paid my dues! I settled! I just got turned down for a $25,000.00 auto loan. HELP!!!! WHY is my score in the low 600's????
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Hi oldcolonyscrap,
Did the financial company provide you a letter stating that your account was closed and settled? Your credit score is being affected by the negative item in your credit report. The "charge-off" is the negative item in your credit report. Are you sure everything else in your credit report is "perfect"? As you said your score is in the 600s, I suggest you to review your report once again.
Now, regarding the "charge-off" in your report, I think you should send a dispute letter to the credit reporting agency stating that you are disputing the inaccurate item present in your report along with the proof provided by the financial institution.
one bad apple
I already did everything you said to do. Yes every thing is perfect. I did a dispute letter twice, to all 3 agencies. I also provided the "proof" Nuts huh?
If this debt was paid off then your score is making no sense to me. My hubby had a repo a long way back and it did not cause his score to fall that low. Now if you have the letter showing paid and they are still marking your report seriously past due then I would try calling each agency and getting a person on the phone to explain. If this does not work try contacting the BBB.
One other thing I can think of is calling the finance company you settled this debt with and asking them to update your report. Most usually will not want to mess with it once they get their money but it is worth a try. It is better than waiting a couple more years for it to fall off.