Lisa71 Posted July 15, 2005 Report Share Posted July 15, 2005 Can an account have a High Balance and Pass due balance of $0 but also have an actual balance due? The pay status is Charged off as bad c -----rest is cut off.This to me seems contradictory because it is under my negatives on my credit report.After reading post here, I began thinking that maybe I should send a letter to GMAC my lienholder with a copy of the fire department report showing that it was due to an engine fire. Also, I had a melted wire harnest in the vehicle 5 months earlier, and there was a recall on a part which could cause a fire all replaced by the Chevy dealer and the vehicle is a Chevy - made by GMC AND I have found 5 other same make, model and year as mine that burned on the national Highway safety website. Does this sound like it may help? Link to comment Share on other sites More sharing options...
jasen Posted July 15, 2005 Report Share Posted July 15, 2005 It's under the negatives because of the words "Charged off".The "high" balance is just saying what the maximum amount of the loan or credit was. Balance due is just what it says, and past due is how much of that is behind. They don't always fill in all of those fields, or fill them in correctly.Since it's charged off, they probably won't respond to letters much. Maybe if you sent an ITS due to faulty equipment or something. But then GMAC and GM are probably two very different entities and they may be pretty secure in knowing you can't touch them for something the other company is at fault for. Hard to say. Link to comment Share on other sites More sharing options...
Lisa71 Posted July 15, 2005 Author Report Share Posted July 15, 2005 But the high balance states $0, when it was 18K but if they don't fill it out then that makes sense. So if it is a charge off, what does that mean?They won't bother me anymore? Are they sending it to collections? Link to comment Share on other sites More sharing options...
jasen Posted July 16, 2005 Report Share Posted July 16, 2005 Yep. Means they gave up trying to collect on it and will probably sell it to a collections agency. Link to comment Share on other sites More sharing options...
Lisa71 Posted July 16, 2005 Author Report Share Posted July 16, 2005 They called me to settle this debt and I told them to send it to collections, should I reconsider and call them back? They wanted a lump sum of 2K and I just can't afford it.My FICO with that and 3 other negatives which I am pretty sure I can remove is 645, so if I leave this one and get the others off it should not be too bad. Plus I have 4 Inquiries and only 1 I authorized if I get those off, I can probably remove those too.What do you think? Link to comment Share on other sites More sharing options...
bobdole369 Posted July 21, 2005 Report Share Posted July 21, 2005 Why would you ever leave something so important, so personal, and so life altering as a chargeoff alone? Consumers have a right to dispute anything on their credit report. You just described an inaccurate, incorrect, erroneous, and just plain wrong record in your credit profile! Dispute it as such! If it drops off, then your in the clear! Otherwise there is more work to do. Don't reconsider having them send it to collections. Its ALREADY charged off and even if you pay them, the money is GONE from your pocket, and into theirs, and your credit report is STILL just as bad as if you hadn't paid them. You should cease all communications with them, unless there is a way/chance they're gonna repo the car. Start with your personal information, its very important that you don't have old (I don't have ANY) addresses on your file, anything misspelled even slightly, has ST instead of Street, they didn't abbreviate, etc. Same goes for your name, any that the middle initial is missing, or spelled wrong, or if you go by middle initial, any that have your full middle, etc. Pick a name, and preferably a version that doesn't have debt attached. Its the tiniest bit tougher to match, and might just give you an edge when you get to the next step. Dispute your employer and phone number and they will remove it. No need for that info in your credit report. You'll get a response about your personal information rather quickly (hopefully, I'm still waiting for Equifax about mine, 33 days and counting, on a free report, 12 days left). Make sure you have pulled all three reports, and include a copy, circling the incorrect information, as well as a copy of your DL, (you can black out your DL number), SS card, water bill, or other mail as identifying information. Oh yeah, and if you didn't already know, get all 3 reports, you have to do everything x3. Next step: Disputing. I think your best off sending the second letter about the GMAC account. State that you request an investigation, and that you do not have an account with this company, owing $xxx, with a high balance of $0 and a due amount of $0, etc. Its true you know... Send another 2 weeks or so later, about all the other negatives, all in one letter. If its a CA, you can dispute "Not Mine", or "no knowledge of account", etc. Send EVERYTHING CMRRR. You'll get a response, quite likely sooner than the 30 days have passed about the GMAC account. If it drops off, great. Don't worry about inquiries just yet. Inquiries are INCREDIBLY tough to have removed, the only way is to prove there was no permissible purpose for the pull, and even then, the CRA's are very hard nosed. THey don't seem to care that they are violating your rights. Link to comment Share on other sites More sharing options...
Lisa71 Posted July 21, 2005 Author Report Share Posted July 21, 2005 Ok, I will get on this right away.No chance of repo since this vehicle burned down in Aug 2001.I thought since there was a lawsuit against the insurance company which I won, that whatever remained after they got the check from ins. co, would be waived but I guess they are not that kind hearted. Link to comment Share on other sites More sharing options...
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