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This look like a violation to you guys and gals?


Champion80
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Account Number: 18XXXX

Acct Type: Installment

Acct Status: Open

Monthly Payment: $344

Date Open: Sep, 2000

Balance: $249

Terms: N/A

High Balance: $249

Limit: N/A

Past Due: $1,333

Remarks: CHARGED OFF ACCOUNT AUTO

Payment Status: Bad debt& placed for collection& skip

DOLA was 4/2001

As of 1/05 there is an updated status on my PG as a CO, I thought I read somewhere, this should be considered a closed account?? This is by far the most detrimental TL on my report, as you can see below when I pulled my FICO EQ (only CR showing the TL) was substantially lower, I have since gotten 2 other deletions off EQ, FAKO is looking a lot better but I do not know if that reflects as well on my FICO. I am assuming the open status is what is killing it, they are showing a few 120 lates back when the DOLA was. But considering its status, should it say closed, I had just disputed, that may very well be why it came back as a CO as of 1/05.

Now the problem with this one is, I havent DV'ed them yet because this was a car loan I did have, as far as my understanding was, when I was in a totalled accident in 4/2001, an insurance policy that was carried in the loan paid it off. The Actuall loan amount was $14,000 and it doesnt reference that their at all, I am at a complete loss on what to do with this one. Because 1 its not fair that they dont show the actuall beginning balance, and 2 I thought it was paid off, and considering I was 20 years old and this accident changed a huge course in my life, I didnt look into properly, considering I could no longer go to my work 30 miles away, and have no back up support of any kink. So this is the last remaining Derog on my EQ, and ideas?

I was actually considering trying to negotiate to pay the balance off and attempt a full reinstatement of the actuall loan, to show a car loan paid off, I do not know what my chances are, I just might give this one a chance, but at the same time, I am questioning whether or not they are reporting mis-leading information that is not accurate to the actual circumstance. And I thought at this stage it should state closed because it is no longer an installment but a CO? :cry:

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Account Number: 18XXXX

Acct Type: Installment

Acct Status: Open

Monthly Payment: $344

Date Open: Sep, 2000

Balance: $249

Terms: N/A

High Balance: $249

Limit: N/A

Past Due: $1,333

Remarks: CHARGED OFF ACCOUNT AUTO

Payment Status: Bad debt& placed for collection& skip

DOLA was 4/2001

As of 1/05 there is an updated status on my PG as a CO, I thought I read somewhere, this should be considered a closed account?? This is by far the most detrimental TL on my report, as you can see below when I pulled my FICO EQ (only CR showing the TL) was substantially lower, I have since gotten 2 other deletions off EQ, FAKO is looking a lot better but I do not know if that reflects as well on my FICO. I am assuming the open status is what is killing it, they are showing a few 120 lates back when the DOLA was. But considering its status, should it say closed, I had just disputed, that may very well be why it came back as a CO as of 1/05.

Now the problem with this one is, I havent DV'ed them yet because this was a car loan I did have, as far as my understanding was, when I was in a totalled accident in 4/2001, an insurance policy that was carried in the loan paid it off. The Actuall loan amount was $14,000 and it doesnt reference that their at all, I am at a complete loss on what to do with this one. Because 1 its not fair that they dont show the actuall beginning balance, and 2 I thought it was paid off, and considering I was 20 years old and this accident changed a huge course in my life, I didnt look into properly, considering I could no longer go to my work 30 miles away, and have no back up support of any kink. So this is the last remaining Derog on my EQ, and ideas?

I was actually considering trying to negotiate to pay the balance off and attempt a full reinstatement of the actuall loan, to show a car loan paid off, I do not know what my chances are, I just might give this one a chance, but at the same time, I am questioning whether or not they are reporting mis-leading information that is not accurate to the actual circumstance. And I thought at this stage it should state closed because it is no longer an installment but a CO? :cry:

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When your car is totalled in a collision the insurance company only pays up to the book value of the car, unless you have a policy that includes a specific term -- replacement value.

It may be that insurance did not cover the total remaning balance of your loan. If that is the case, you would be legally obligated to pay the difference between the insurance and the remaining note. But these details don't jibe. How can you have a balance of $249, a monthly payment of $344 and a past-due of $1333?

It's especially odd because the insurance company usually keeps the car when they total it out and that means they have to get a salvage title on it. They can't get a salvage title unless the lien is released.

This doesn't say who posted to your report. Is it the OC or a collector? Methinks this looks like a junk-debt-buyer's tactics. You should DV/Dispute them if it is a collector. Also contact the insurance company that covered this loss and get a copy of the release papers showing it was totalled and how much the insurance company paid for the car. If you can get that info from the insurance carrier then include a copy with your dispute telling them that the matter was settled throguh insurance.

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When your car is totalled in a collision the insurance company only pays up to the book value of the car, unless you have a policy that includes a specific term -- replacement value.

It may be that insurance did not cover the total remaning balance of your loan. If that is the case, you would be legally obligated to pay the difference between the insurance and the remaining note. But these details don't jibe. How can you have a balance of $249, a monthly payment of $344 and a past-due of $1333?

It's especially odd because the insurance company usually keeps the car when they total it out and that means they have to get a salvage title on it. They can't get a salvage title unless the lien is released.

This doesn't say who posted to your report. Is it the OC or a collector? Methinks this looks like a junk-debt-buyer's tactics. You should DV/Dispute them if it is a collector. Also contact the insurance company that covered this loss and get a copy of the release papers showing it was totalled and how much the insurance company paid for the car. If you can get that info from the insurance carrier then include a copy with your dispute telling them that the matter was settled throguh insurance.

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Thanks for the reply Methuss, actually it is the OC odd enough, I too find it odd that the balance is $249, and the past due is $1,333. I too found out when you total a car they only pay off the book value, and because I only had the car about 9 months, this was very well possible. Knowing that this is the OC, the account is legitimate, and they have never turned the account over to a CA.

The insurance that was used to pay off the car was included somehow in the loan, Cali state law required that was have insurance, and I did with GEICO up until the accident, but I didnt make the previous payment yet, and it defaulted, so when it was totalled the insurance that was inbedded into the loan is what paid the balance.

Methuss, considering you now know that this is the OC (Organized Labor Credit Union), what should I do differently, because the way it looks to me, they are not reporting the debt properly in the first place, not showing the correct High Balance, it currently shows $249, but the actuall loan amount was $15,000.

This one has me stumped, because, I didnt know I had a remaining balance, which doesnt by any means take me away from any responsibility. As of last month the account will hit the SOL. But my hopes are kind of to get them to report the original balance amount, and hopefully show a payed off loan, if I can call and get them to accept a payment, but I wasnt sure if getting this account deleted would be a better option. The main goal here is to get my report to a higher score, getting the deletion will oviously make is jump dramatically, but then having a paid car loan may have a better increase. Thoughts on this option?

In regards to MYFICO, which was showing as 555 (my lowest), looking into the seven year payment history, it shows 3 90+ day lates, 8/2002, 1/2004, and most recent of 10/2004. So my guess would be it will continue to show like this. But I am also very confused because this account has not been touched for 4 years and they are still reporting lates as of a couple months ago. I really need some help with this one.

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Since it is past SoL and legally uncollectable, I would start by sending a letter to the OC using section 623(e) of the FCRA to back you up. That section requires furnishers to investigate consumer complaints within 30 days of receiveing them, to report the item as disputed to the CRAs, and to correct any mistakes promptly. Just explain in the letter that the car was totaled in a collision and that the insurance (I assume this is property replacement insurance) you had covered the balance. Ask why the original balances are not being accurately reported and why it is listed as a charge off when insurance paid it.

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