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OC charges off account while in Payment Agreement


Desi Rae
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I was on the phone for several hours today with Continental Finance....

I had been in the middle of payments on this account when they charged it off.

From our agreement to pay this account I was told, it would change from late to paid and closed, but now it looks like it will have Charge Off Payment Settled.

The customer service rep today told me that there was nothing he could do and that a Charge Off Paid and Settled will not hurt my credit rating, but I just can't believe him because I feel that they dishonored our agreement by updating the account to charge off.

I spoke to a supervisor who told me to send a fax to their corporate office to request a change....

Has anyone else had any similar experiences like this?

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No...charge off has nothing to do with selling the account. Its just an accounting term meaning they've moved it from one category to another on their books. It means nothing to you.

In fact, having appear as a CO (paid and closed) on your reports should have no moe detrimental effect the late paid and closed.

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