Share post
member profile picture

Hello,

I had an installment loan that i got behind on. The company "charged it off" and I made an agreement to pay the balance, which included the interest i would have paid plus the principal. This is showing up on my credit report as every single month 120+ past due..is the correct reporting? I assumed it would show up as a charge off.

thanks for any help,

sherry




How many days is it past the 120 days mark? By law, installment loans are necessarily charged-off after 120 days of delinquency. Once you pay the full amount, the tradeline should be reported as 'paid in full'. If you believe it is being reported incorrectly, file a dispute with the credit bureaus.


Sub: #1 posted on Sun, 04/14/2013 - 20:43

Steve Barris Steve Barris

(Posts: 1045 | Credits: )

By law, installment loans are necessarily charged-off after 120 days of delinquency.


Would you like to show us this law steve??


What country are you in?? Your grammar is horrible...are you just here to practice your english??:


Sub: #2 posted on Sun, 04/14/2013 - 21:36

SOAPLADY SOAPLADY
Moderators Cum Industry Expert
(Posts: 17319 | Credits: )

it is way past..i defaulted in November 2010. It will paid in full in september of this year. I guess i dont understand why the company continues to show me 120 past due every month..i get it, i defaulted, but i right now am in compliance with my arrangement with them.


Sub: #3 posted on Mon, 04/15/2013 - 13:30

Unregistered


When they charged you off you were 120 days past due...that was your final status. Paying it wont change the status....paying on a charge is not positive...in other words it does nothing for your credit.


Sub: #4 posted on Mon, 04/15/2013 - 15:14

SOAPLADY SOAPLADY
Moderators Cum Industry Expert
(Posts: 17319 | Credits: )

It doesn't help your score but if a lender is looking at the report he'd rather see paid collectors than unpaid ones


Sub: #5 posted on Thu, 04/18/2013 - 21:30

waffles waffles
Moderators Cum Industry Expert
(Posts: 1697 | Credits: )


Page loaded in 0.250 seconds.