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Chase Auto Loan..... worth to try?


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Ok so here there is a different situation.

 

I had an auto loan with Chase back in 2007, I missed payments towards the last year of the loan. Chase called me to settle the account and I did.

The total amount due at the time was $550 but er settled for $400 at the time. This means that the amount they really lost was $150.

 

I'm now working of repairing my credit and last night when I was going through my credit report I saw something that I thought it was inaccurate but I'm not sure whether this is proper protocol of OC to report to bureaus to not. On my credit report, Chase says:

 

"Account Paid in Full for less than full balance" - Paid in settlement. $700 written off. 

 

Ok, so it may be me, but doesn't "WRITTEN OFF" means their loss on that particular account? Why are they reporting $700 as written off? Shouldn't this be $150? If this is the case, I'm thinking about fighting this account for inaccuracy. Should I start with the credit bureaus? What type of letter? Validation?

 

Thanks and Happy New Year!

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If your settlement was in 2007, the tradeline should fall off this year...so, you might want to just leave it alone.  If you're in a hurry, you could try disputing with the CRAs as "not mine".  Its possible chase won't respond.

 

You're right..."WRITTEN OFF" means the amount they lost.  Its possible they settled using the "balance owed" but reported using the loss based on the total of payments remaining.  No big deal, really.

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Okay then, if the "date of first delinquency' was back in 2007, it will fall off this year.

 

I don't think you'd have much luck disputing based on the amount.  The FCRA does say they have to report accurately...but...its possible the $700 is indeed the amount they lost.  You could try disputing "wrong amount" with the CRAs, but I'm not sure that will carry much weight.  Your best hope is that, since they've got their money from you, they just won't respond.

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