We had a car repo, they turned it over to a collection agent, they sued,we negotiated a out of court settlement, we paid it, now it shows a charge off for the difference, what can we do to get it off our report?
When you had settled the debt with your creditor, did not you get that in writing? When did you pay the dues? Did not you check your report then? When you had settled the debt amount with your creditor, you should have asked him to report it to the credit bureaus as "paid as settled".
Now first find out who holds the charge-off. Then send a letter to them asking for a debt validation. After the validation answer, if you want you can pay the amount in full. When an account is charged off it is better to pay it in full. Ask the creditor to agree to a pay for delete. With the pay for delete agreement, the collection agency will report it as "paid in full" to the credit bureaus.
One more thing that you should keep in mind is the statute of limitation (SOL) of your state. If the SOL has expired, the CA won't be able to sue you for the debt. However if the SOL hasn't expired it is better to pay it off.
I have a reciept that states paid in full. We negotiated that amount, the difference between what we neg. and what they said we owed still shows on credit report. And it has not been 7 yrs. sence it was reported. I sent a desput to reporting agent but havent herd back. Is that all i can do? I would realy like to get it off.
Carge Offs
Hi Hicksdon,
When you had settled the debt with your creditor, did not you get that in writing? When did you pay the dues? Did not you check your report then? When you had settled the debt amount with your creditor, you should have asked him to report it to the credit bureaus as "paid as settled".
Now first find out who holds the charge-off. Then send a letter to them asking for a debt validation. After the validation answer, if you want you can pay the amount in full. When an account is charged off it is better to pay it in full. Ask the creditor to agree to a pay for delete. With the pay for delete agreement, the collection agency will report it as "paid in full" to the credit bureaus.
One more thing that you should keep in mind is the statute of limitation (SOL) of your state. If the SOL has expired, the CA won't be able to sue you for the debt. However if the SOL hasn't expired it is better to pay it off.
Remember to do all these through certified mail.
charge off
I have a reciept that states paid in full. We negotiated that amount, the difference between what we neg. and what they said we owed still shows on credit report. And it has not been 7 yrs. sence it was reported. I sent a desput to reporting agent but havent herd back. Is that all i can do? I would realy like to get it off.
who is reporting the difference? the same collection agency?
Charge off
Not sure who , i presumme it is original creditor, but could be Law firm that filed the suit
Are you looking at the hard copy of your credit report?
Hard copy
Yes im looking at a hard copy as well as on my PC
did you include a copy of the receipt in your dispute? I think you should complain to the attorney general about this.
Receipt
No i did my dispute on line. Are you talking Attorney General in Okla.?
Online disputes work about 5% of the time. Send a dispute in writing and include the receipt. Send it CMRRR.
Certified Mail
Thank you so much, it will be done.