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settled installment loan (not for a car or home)

Established Member

settled installment loan (not for a car or home)

I recently pulled my credit report to begin the task of fixing my credit and noticed an ugly mark on it. I had an installment loan with USBank opened in 2001, and I believe that it went to collections in 2003. We ended up settling the debt and paid it off in January of 2004. Though my Experian credit report says the "account was legally paid in full for less than the full balance".  And in the recent payment history it has December 2007 noted as "charged off/bankruptcy" with a 90 day late payment back in June of 2007.    Is there anythign I can do? Would a Goodwill Letter do any good? or cause more problems?  I believe the cosigner has the documentation of the settlement, so I don't even have that.
 
I live in Idaho and the statue of lmitations on an open account ( which i am still unsure of what that means is 4 years). 
 
Any help would be appreciated.  Just to complicate matters there was a cosigner on the loan--is that going to affect anything?
 
Thanks.
4 REPLIES
Established Member

Re: settled installment loan (not for a car or home)

I today recieved EX  investigation results on the this loan. It says it is updated and verified as mine. It also says that the "account is scheduled to continue on record until Jul 2008".  Does that mean it will fall off my CR?
Established Member

Re: settled installment loan (not for a car or home)

Bump
Established Member

Re: settled installment loan (not for a car or home)

Please anyone I would love any  input.
 
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Regular Contributor

Re: settled installment loan (not for a car or home)

KMW,
 
That's what it sounds like to me.  I noticed you said it went into collections in 03, but if it falls off in 08, and reporting SOL drop off is 7 yrs then you must have gone into delinquency in 01.  If that is the case then they are correct and I would do nothing and just let it drop off forever in July.
 
SerenityBound....indeed!
 
 
SerenityBound....indeed!