topic Re: Account Current status in Auto Loans

Account Current status

njacks85 — Fri, 30 May 2014 16:36:41 GMT

I have a question.

A few years ago, I had a vehicle that was wrecked and it had GAP insurance. Well, the GAP insurance kept dragging their feet with the

last 927 that wasn't covered by my insurance.

I ended up just paying it myself after getting the run around with the GAP insurance company. Question is, under my credit report

it says the current status is Charged off, but if you click on the accout, there is a note in there that says paid in full. Do I need to worry

about the Current status showing Charged off even though it notes a zero balance?

On my other two credit reports the current status shows Paid in full after charge off.

Thanks in advance

Re: Account Current status

Remember0 — Fri, 30 May 2014 16:54:07 GMT

Charged off status is not good at all...in fact it's very negative. What's your FICO and any other baddies on your report? How many days did the feet dragging go on for before you paid it? Did the GAP insurance ever reimburse you?

Re: Account Current status

njacks85 — Fri, 30 May 2014 17:00:56 GMT

667 is my current Equifax score with no other negatives. It took about 2 months before I broke down and just paid the

account myself and no, never received reimbursement from GAP.

I do not have a lot of tradelines until recently actually. Just a few months ago I only had that auto loan and another

auto loan reporting. Always told myself I would never get a credt card and opened up 3 to get a mix of credit.

So, should I dispute the current status and have it updated to "Paid in full after charge-off"? It clearly states

in the account details it was paid in full, just didn't know if it would make a difference or not.

Re: Account Current status

ExplicitElicit — Fri, 30 May 2014 17:29:29 GMT

I would dispute to get the status changed to pif'd vs charged off and pif'd. I would also still be activity seeking reimbursement from the gap insurance company, when you financed your previous vehicle you paid a premium for the GAP insurance. Though a deductible may be required by some GAP insurance companies, it's still worth seeking reimbursement.

Re: Account Current status

Remember0 — Fri, 30 May 2014 17:42:30 GMT

Who was the bank? I'd dispute it. It should be reporting as Paid as agreed/Closed. There should be no Charge off....dispute the charge off status.

Also I'd go after that GAP insr co seperately if I were you. They need to reimburse you, they can't just not pay out.

EDIT: Just saw Explicit's message, I agree w/ him entirely. Dispute the charge off status!