A quick question, please help!

[Anonymous]

I am new to rebuilding me and my wifes credit. I have read through a lot great information. One question, I have a old installment loan that should have been paid off when we traded it in 2011. That loan was through WFFINANCIAL and it shows as 166.00 write off. Should I send a DV to them or dispute it online through the credit bureau?

[RobertEG]

As I understand the post, the prior loan was paid off when it was refinanced?

Was it delinquent and charged-off when refinanced/paid?

If it was already charged-off, then that reporting would not be negated, and would still remain, regardless of the subsequent payment or non-payment of the debt.

[Anonymous]

Thank you for the reply. It was current and we traded the vehicle in for a new one. It says that apparently the dealership didn't fully pay it off when we traded it in. So the oc has reported 166.00 was owed to them and they wrote it off. That should haven't happened so now I don't know wether to Dispute through credit or send a DV.

[gdale6]

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@Anonymous wrote:

Thank you for the reply. It was current and we traded the vehicle in for a new one. It says that apparently the dealership didn't fully pay it off when we traded it in. So the oc has reported 166.00 was owed to them and they wrote it off. That should haven't happened so now I don't know wether to Dispute through credit or send a DV.

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Welcome to My Fico

A DV is only sent to a collection agency not an OC. Since this is the OC reporting the CO I would send them a direct dispute alone with a copy of the new contract showing the amount of the payoff to them (they are the ones who gave it to the dealership)

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Direct-dispute/td-p/2309095

[RobertEG]

I would first pick up the phone and call the creditor, explaining the circumstances, and that the deficiency in payment was not your doing.

Hopefully, they will not question the facts, and will simply delete the reported CO or other derogs.

If your informal attempt fails, then you can file a dispute, but most likely it will not prevail.

If they wont remove via an informal request, a formal dispute requires only that they investigate and reach a determination.

Nothing would suggest a different finding on their part..........

A DV would not be appropriate.

The DV process applies only to debt collectors, not orginal creditors.

If you cannot get the matter resolved, final recourse would be to bring civil action and get concurrence of the court that you were not repsonsible for any deliqnuency.

[Anonymous]

Thank you everyone for the help. I will pick the phone and call tomorrow to see if they will do it the informal way.