Does anyone know how to get a charge off (that was paid and closed) off your credit?I tried a dispute.?

Question

You are correct I need to be more specific. When I was younger and dumber I financed a car for a family member-who quit paying for the vehicle. The vehicle was repossesed and I payed off the remaining balance. I did some research and found that if I disputed it with the credit agencies(because the dates were incorrect) it might be taken off all together. NOT SO! Just wondering if there are any legal ways to have it taken off. I only have about 15 more months until if drops off but this is really holding up my credit.

Answer 1

if it was charged off first and that reporting is correct it will not be removed as the lender is reporting correctly. If that is not the case get in touch with the loss mitigation department of that company and demand that they correct the error and tell them it is part of the Fair Credit Reporting Act. They can fix it

Answer 2

Well since as how it 's after the fact you pretty much lost your negotiating power. What you needed to do was get what is called a 'pay for delete' agreement from the credit bureau. They would have sent you a letter agreeing to delete the negative entry from your credit record when you made good on the debt. I doubt they'll do it for you now cuz they have the money and done with you. But you can always try...there's always hope.

Answer 3

I assume your speaking of a credit report, not a credit card.

The dispute is your only real way to have this removed.  Verify the information with the creditor and, if need be, submit this to the Bureau with the mistake.

If the mistake is at one Bureau, you still should verify the other 2.  Equifax could have the mistake, but Trans Union and Experian may have no mistake, or a different one.

You are allowed at least 1 free report per year.

Answer 4

If it was a charge off, that was a historical fact and will remain on your history.  That's why they call it a credit HISTORY.

If it's close to falling off, then it's over 5 years old and most lenders will ignore it if you have been clean since and that's the only thing.  If you have problems getting a loan, you need to look for other things that might look bad.

Answer 5

I am presently experiencing the same thing as well i have tried to seek ways to have it removed. i was told its best to dispute the account and if that does not help that i should try a credit repair company. Try waiting 90 days and try disputing the account again maybe the credit agencies will take pitty and deleate it.

Answer 6

Ok, need to be a bit more specific. IF you had a charge on the credit card, and it was PAID as you said, and the account closed.. then there should be no charge left on your account. Unless it is showing up as a credit, which is to the good, meaning that the credit card company owes you money. Call the 800 number for customer service, have your old credit card number available, and ask for help, have a copy of the most recent bill with you as well, so there is no confusion about what your are talking about.

Answer 7

And what happened with the dispute?  Did you dispute it with the three credit bureaus or the credit card company?

If you tried the three bureaus with no luck then call the credit card company and tell them to report it as paid and closed by consumer.  They need to do the updating with the credit agencies if the credit agencies won't remove it.

Answer 8

Sorry to say, but you can not get a charged off debt removed even if it was paid.  You should have requested a "pay for deletion" agreement BEFORE you made the payment and had a written agreement between you and the creditor to verify this to the CRA's

The charge off will remain on  your report under the FCRA due to the fact that as of December 29, 1997 the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "last missed payment:).

So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct "delinquent or last missed payment" date (month and year) that preceded the creditor's action.

The CRA's were notified by the creditor that this was a valid debt and therefore the CRA's did not remove the entry.