question about charge offs
Date: Mon, 01/23/2006 - 09:34
The reason I'm asking. My husband had a truck loan that we paid every month and paid off. We paid it off two years ago. It was a five year loan. When I checked my credit report last year, I noticed that they reported to the Credit bureaus that it was a 'paid charge off'. HUH?? I knew absolutely nothing about this. I had not received any calls or written correspondence that they were even considering a charge off. I have the title and it was paid in full. I wrote 'Primus' twice about this. The first time they answered by saying that they needed more information. so I sent it to them. They did an investigation. They wrote back to say that it was the last payment that was due on November 9, 2003 and they did the charge off on January 31st, 2004. they said they 'attempted' to reach me. I have no proof of that--what I'm saying, I knew nothing about them trying to reach me. Then, When I paid the last payment, they then reported it as 'paid charge off'. what happened to an account not being paid for 90 days-before a company could do a charge off? It was almost 90 days by what they're saying here. Unfortunately, I wasn't as smart as I am now and didn't save anything to prove a case on my behalf. So I guess any further arguing on my part would be useless without proof to back it up. I have no proof that they tried reaching me as they stated, but thats neither here nor there in the legal system. The burden of proof is on me, which I failed to produce.
something learned. You can bet one thing, I have started saving EVERYTHING. I even have all the letters I wrote to original debtors when we first knew that we were going into financial hardship--asking them to work with us and explained the situation. Before things went into the 'charge off' mode. Shirley
A credit company can allocate an account as "charged off" if the
A credit company can allocate an account as "charged off" if there has been no payment for a period of 120 days or more. But, there are some companies that initiate it after the 90 days mark. If you have had all the proof of your payments, you could have place the legal dispute and saved your CR from getting tarnished.
Shirley, check your bank statements and review all the dates of the payments made. If there is a slightest possibility of placing the dispute again, you can still do it. You have already made the payment that was required. Now, what you will be doing is that your file should reflect your actual credit worthiness. For this, any kind of accurate dispute if done will be helpful.
However, there are various classifications on reporting an account as 'charged off' to the CRA. Read the FTC website and learn more on this subject.
