05-12-2012 07:49 AM
I truly cannot wait until 2015 when I can be utterly and completely done with Santander reporting!!!
Several years ago I had a car financed with them. I deferred a payment which was supposed to be takced to the end of the loan. What they didn't tell me, however, was that I'd have 30 day lates reported every month after that.
On top of that, I ended up getting the car totaled in 2009. Insurance paid all but $651 of the account. I'd talked to someone to see if they could just eat the last bit that overlapped (at the advice of the insurance agent) but they were adamant that they could not. Two weeks after they received the insurance check, they charged off the remaining $651.
Once I saw that I had a chargeoff reporting on my credit report, I immediately called them. The rep said there was nothing I could do but pay it off. She sent a letter titled SETTLEMENT LETTER - PAY IN FULL...the letter stated that I would pay $432 and that Santander would consider and report the entire debt paid in full.
Fast foward to last month when I started trying to get the last few baddies off of my CR. I noticed that Transunion was not reporting Pays as Agrees, closed account like Equifax and Experian were doing. So I disputed.
Lo and behold yesterday I get a SW alert - my score dropped 4 points because Santander 'updated' their reporting to now report Bad Debt- placed for collection, with 'paid charge off auto loan' showing in the description. I called Santander and got a very rude gentleman who stated that they are reporting exactly what it was - a charge off. He says the full amount was $651 and they charged off the remaining $230. i tried to explain to him that I had a pay in full letter - he said it didn't matter. EX and TU is also reporting the same thing, but my FAKO EX score and my TU Scorepower score remainded the same.
What should my next steps be? I guess I should have just left well enough alone I suppose, but was trying to get all of my reports clean. 4 points isn't a lot, but I don't want future creditors looking at my account and seeing Santander as charged off. And Santander has been THE WORST to work with from day 1.
05-12-2012 08:15 AM
Not sure if this will help but if it was me I would send a letter to each of the 3 credit reporting agencys with a copy of the letter showing paid in full. That should be enough for them to change the trade line.